Can I show my father as landlord?
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Can I show my father as landlord?
Rent Agreement When you pay rent to your parents for living in their home, they become your landlord. The Income Tax department requires proof for this. A rent agreement between you and your parents is this proof. The agreement should be signed by both you and your parents.
Can I rent a house from my parents and claim housing benefit?
If you pay rent to a landlord who is also a close relative and you live in the same property then you will not be able to claim housing benefit. If you pay rent to a landlord who is also a close relative and you do not live in the same property then you may be able to claim housing benefit.
How much rent can be paid in cash?
If paying rent more than Rs. 5000 in cash then ensure the revenue receipt is affixed with the revenue stamp. If the annual payment of rent exceeds 100000, then you need to report the PAN No of your landlord.
Can husband pay house 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. File ITR. You can pretty well pay the rent to your spouse and claim the HRA tax exemption for your income.
Can husband and wife both claim HRA for same 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.
Can claim HRA if own house?
No, you cannot claim HRA exemption if you are living in a different house in the same city and have a Self Occupied House in the same city.
How much of HRA is tax free?
50% of the employee salary is eligible for HRA tax exemption if he or she lives in any of the Metro cities of India. The metropolitan cities of India include Delhi, Mumbai, Calcutta and Chennai. In case the employee lives in any other city then 40% of the salary can be HRA exempted.
What is LTA salary?
While the deduction is something reduced from a total taxable income, exemption means exclusion from total taxable income. Such exemptions enable the employers to structure Cost to Company (CTC) of employees in a tax efficient manner.
