Income tax benefits on house rent

Income tax laws in India provide benefits to people who do not own a house and choose to live on rent without receiving HRA.

Tax benefits are available to salaried employees who obtain HRAs from their employers

You are entitled to a tax exemption that falls under section 10 (13A) of the Income Tax Act, according to the HRA that you have received, subject to specific restrictions and conditions. Amit Gupta, MD, SAG Infotech said in the initial context that you pay the rent which is a residential property that you have acquired. This means that you must have the accommodation where you are employed. In addition, you can not be the landlord (sole owner or co-owner) of the accommodation where you are to pay the rent.

The rent is paid through the people who do not receive HRA

The Income Tax Act, which falls under § 80GG, enables deductions from the rental contract given by an individual. Now this would be stated through self-employed people together with the employees who did not receive an HRA on behalf of their employers.

Gaurav Kapoor, director and co-founder of Fincorpit Consulting Private Limited, said that the Income Tax Act, which falls under section 80GG, allows deductions on the lease given by an individual. Now this would be stated through self-employed people together with the employees who did not receive an HRA on behalf of their employers. A certain benefit has been made possible as a deduction from specific full income. But there is a limit of 25% deducted from the total salary, or more of the rent is paid in principle below 10% of the total income. In addition, most of the deduction can be stated annually 60,000 and 5,000 per month.

Subscribe to Mint Newsletter

* Please enter a valid email address

* Thank you for subscribing to our newsletter.

Leave a Comment