Can I claim HRA by paying rent to wife?
Yes, you can pay rent to wife or parents to claim Indian HRA (House Rent Allowance) tax exemption. Paid rent is counted as spouse or parent income. You can pretty well pay the rent to your spouse and claim the HRA tax exemption for your income.
How do I claim HRA?
HRA exemption can be claimed by mentioning the amount in the declaration form provided to you by your employer at the start of a financial year. In case the employee is unable to claim the same through the employer, you can claim HRA by filing your tax returns using the ITR-1 form.
How do I claim HRA if I stay in my home?
Yes, you can claim the HRA deduction and the tax benefit on a home loan even when you are living in the same city in which your home is. This can happen under two conditions; either your house is under construction, or you are living in a rented house and have rented your own house.
Can husband and wife claim HRA for different house?
Though HRA is included in the basic salary, it’s not fully taxable. You can claim tax deductions on it. To optimize the tax-benefits from the HRA exemption, you can split it with your spouse. If both the husband and wife are in the same tax slab, then the rent paid can be split 50:50 to enjoy higher tax savings.
Do I need to submit rent receipts for HRA?
To claim HRA, you are asked to submit important documents like rent receipts, rent agreement to your employer before the end of the financial year. If the amount of rent exceeds Rs 1 lakh/annum, the PAN No of the landlord is also required.
What is the proof required for HRA exemption?
What documents are required for HRA exemption? Documents like rent receipts and rental agreements will be required to be submitted to the employer for claiming deduction for house rent allowance. If the payment of rent is more than Rs 1 lakh per annum, then PAN of the house owner will be required to be submitted.
Can you claim HRA for rent paid in another city?
Can I claim HRA for rent paid in a location other than my place of employment? The Income Tax Act section pertaining to HRA does not specify any condition for the place for which the employee can claim the exemption.
Can I claim both HRA and loss from house property?
Homeowners, who are paying back their home loan and getting HRA as part of their salary, can avail both the house property-related tax benefits to lower their taxable income. HRA exemption towards rent payment. Deduction on home loan interest as per Section 24. Principal Repayment under Section 80C.