Paying Rent but not getting HRA?
Are you
A self-employed businessman or professional or a salaried employee?
Staying in a rented accommodation and paying rent?
You or your spouse don’t own a residential accommodation at the place where you reside or are working and are also paying rent?
Not receiving any House Rent Allowance or HRA ?
Can you still take any benefit on the rent paid?
The answer is
Which section allows you to claim exemption?
As per the provisions of the Income Tax Act, 1961, you can still claim benefit of rent paid under section 80GG.
What is the limit for exemption?
The section allows an individual to claim exemption as the minimum of:
– Rs. 5000 per month
– 25% of Total Income
– Actual Rent paid less 10% of Total Income
What you need to do?
Just fill Form 10BA with all the details related to payment of rent and you are good to claim the exemption.
Still have any confusion/concerns?
Reach out to us and we will be happy to help!
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Deepti Arora & Co. -
Chartered Accountants
Address
- 811, SIDCO ARAVALI APARTMENTS, GH-1,SECTOR 1, IMT MANESAR, GURUGRAM 122051
Contact Us
- +91 9999017642
- +91 7827261120