How to claim tax deduction on rent if you are sharing the flat
2 years, 10 months ago

How to claim tax deduction on rent if you are sharing the flat

Live Mint  

If you are sharing a flat, then claiming tax deduction on rent can become complicated. Without this, you will not be able to claim tax deduction on the rent you have paid. This requirement applies irrespective of whether you get a house rent allowance from your employer or not, but want to claim tax deduction on rent under section 80GG. When you are sharing a flat, there may be some doubt about what proportion of the total rent you can claim as tax deduction. “If your rent paid per annum is more than ₹1 lakh, you need to have the landlord’s Permanent Account Number number to claim deduction.

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Income Tax: Submit investment proof soon to prevent TDS from eating into your salary
11 months, 1 week ago

Income Tax: Submit investment proof soon to prevent TDS from eating into your salary

Live Mint  

If you have already made investment in some of the tax-saving instruments such as insurance, PPF and NPS, among others, it is imperative that you submit the proof of your investment at the earliest so that your employer does not deduct more tax than required. But when you didn’t submit the documents, the tax towards this income of ₹1.5 lakh …

What is the taxation on rental income?
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Live Mint  

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How to claim HRA on rent paid to parents
2 years, 2 months ago

How to claim HRA on rent paid to parents

Live Mint  

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Income tax calculator: Can taxpayers claim HRA exemption on rent paid to spouse?
2 years, 7 months ago

Income tax calculator: Can taxpayers claim HRA exemption on rent paid to spouse?

Live Mint  

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Employees without HRA can get tax deduction on rent they paid
3 years, 5 months ago

Employees without HRA can get tax deduction on rent they paid

Live Mint  

For most employees, house rent allowance is part of their salary income. However, Income Tax Act 1961 does provide for employees to claim deduction against house rent paid, even if HRA is not part of their salaries. Such employees can claim deduction against the house rent paid under Section 80GG of the Income Tax Act. Conditions To claim deduction under …

Know when you can claim both home loan and HRA deduction
3 years, 5 months ago

Know when you can claim both home loan and HRA deduction

Live Mint  

I stay in a rented house in Delhi because I want to avoid a long commute to work. Can I claim tax deduction for house rent allowance and home loan interest simultaneously? - Rohan Shah Income Tax Act allows a deduction for HRA as well as interest paid on the home loan. In certain situations, a taxpayer may stay in …

ITR Filing: How to claim HRA exemption
3 years, 11 months ago

ITR Filing: How to claim HRA exemption

India Today  

HRA or House Rent allowance is compensation provided by the employer to the employee to meet the cost of renting a home in the city of the workplace. Who can claim HRA exemption: Salaried employees who receive house rent allowance as a part of salary and make a payment towards rent can claim HRA exemption to reduce their taxable salary …

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