5. Section 80GG: Section 80GG allows deduction for the individuals for the rent paid by them for their own residence. Such deduction is allowable for the individual who has not received any House Rent Allowance from his employer specifically granted which qualifies for exemption under section 10(13A), for individuals who file the declaration in Form No. 10BA, for an employee who does not own any residential accommodation himself or by his spouse or minor child or where such individual is a member of a Hindu Undivided Family.

6. Section 80TTA: A new section 80TTA in the Income Tax Act – 1961 was introduced in 2012. This section provides deduction up to 10,000 to an In

The deduction allowable shall be interest received or 10,000 or whichever is lower. This section is also proposed to provide income referred to in this section is derived from any deposit in a savings account held by, or on behalf of, a firm, an association of persons or a body of individuals and also no deduction shall be allowed under this section in respect of such income in computing the total income of any partner of the firm or any member of the association or any individual of the body.