can i get tax exemption if i donate as individual?

Iam employee of big corporate,my salary is 4.2 lac/yr .taxble income is above 2 lac.I want to donate 20,000/year to my college as a cash prize for best project award.can i get tax exemption? to proceed?.if i get tax exemption then how much?..i know other means of tax saving(ppf ,rent…)..i dont want those..plz help me…mail id:[email protected]

can i get tax exemption if i donate as individual?
Rate these answers

5 Replies to “can i get tax exemption if i donate as individual?”

  1. In America you can because colleges are tax exempt, and your donation is to the college but dedicated to being a cash prize. In America, a tax deductible donation basically means that you don’t count that amount for taxes. So, in America, if you made $ 100,000 and donated $ 20,000, you would only pay taxes on $ 80,000. It would be as if your had only made $ 80,000. Ask your college for details.

  2. before making payment to the college, you have to ensure that whether that college institution has got an exemption u/s.80G of the IT act 1961 in india. then only they can issue a receipt which contains the details of the validity date of their exemption and also number etc.
    if yes, then with that receipt, the donated amount or 10% of your taxable income before allowing this deduction, whichever is less have to taken into account as eligible donation amount.
    in that eligible donation amount, 50% can be deducted from your taxable amount, as eligible donation u/s.80G of the Act.

Leave a Reply

Your email address will not be published. Required fields are marked *