Income tax filing query

 raised tax exemption limit from Rs 2.5 lakh to Rs 3 lakh per year in case of senior citizens

Dear Sir,
                  I am getting Rs. 52500/-per months remuneration (no HRA, nothing) with total of Rs. 630000/annually. But my employer is reducing tax also. i am paying 4000/-per months (mentioned in agreement) and water (500), electricity (1000) and  maintenance charge (500), a total of 1500 (not mentioned in agreement). If i want to apply for 80GG in 2016-17 can i apply. according to the rent calculation i am paying 48000/year only

1. i can claim for 60000/-
2. Rs. 4000 x 12 = Rs.48000- 10% of total salary is Rs. 63000/- (how can i apply, it is coming negative value)
3. 25% of salary Rs.157500/-

so which one will be lowest. please suggest me.

Thanking you Sir.

Dear Client,

        If you are the Karta of HUF  if your total  incomeexceeds the ceiling limit of  2.5 lakhs/3 lakhs in caseof  senior citizens your wife receiving a cash  gidft from her brother is  totally exempt from  tax. But her subsequent act  of investing in Rs.40,000 in IPO and making n income of Rs.14000 inxluding your total income of Rs/.2.5   lkhs she is not liabile to pay any income taxon the capital gain.. Yes, she has to file  tax return and declare  /rs.40,000 gift income from brother and her subsequent  investment  in  shares  andmaking a sum of Rs.14000.

Dear Client,

        If you are the Karta of HUF  if your total  incomeexceeds the ceiling limit of  2.5 lakhs/3 lakhs in caseof  senior citizens your wife receiving a cash  gidft from her brother is  totally exempt from  tax. But her subsequent act  of investing in Rs.40,000 in IPO and making n income of Rs.14000 inxluding your total income of Rs/.2.5   lkhs she is not liabile to pay any income taxon the capital gain.. Yes, she has to file  tax return and declare  /rs.40,000 gift income from brother and her subsequent  investment  in  shares  andmaking a sum of Rs.14000.

if your total  income crosses  3 lakhs + 1.5 lakhs under exemption or exceeds 4.5 llakhs for snior cirtizens your wife receiving a cash gift from her brother  ia totally exempt from tax. Bu t her  subsequentr act OF INVESTING THE SAID GIFTED INCOME IN SHARES UNDER ipo AND DERIVING AN INCOME OF rS.14,0000 OUT OF IT WOULD ATTRACT CAPITAL GAINS TAX.