Real Estate Masterclass:
House Rent Allowance (HRA) In summary, the HRA is a vital part of your salary, and claiming it appropriately can lead to tax savings depending on your rental situation and the amount of HRA received from your employer. Salaried individuals frequently encounter three significant errors when claiming HRA, which can lead to trouble later on.
Documents required to claim HRA tax exemption HRA exemptions can be availed only on submission of rent receipts or the rent agreement with the house owner. It is mandatory for an employee to report the PAN of the 'landlord' to the employer if the rent paid is more than Rs 1,00,000 annually to avail the tax benefit.
Chandak says, "When an employee submits fake bills of reimbursements to the employer to claim exemptions to lower the tax liability, then this amounts to a case of misreporting income to lower the tax liability. In such a case the assessing officer may start a scrutiny case against the individual and then it is up to the taxpayer to prove that
In the first option, if his actual HRA is Rs. 17,000 x12= Rs. 2,04,000 (total annual HRA). In the second option, the 50 per cent of basic salary plus DA, is Rs. 2,52,000, as he is works in Delhi
Basic salary. DA forming part of salary. Commission (as % of turnover achieved by the employee) HRA Received. Rent Paid. Tick if residing in metro city. (Tick if Yes) Exempted House Rent Allowance. Taxable House Rent Allowance. U1zN.
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    • how to claim hra in itr