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How to get rebate on hra

how to get rebate on hra

The least of the following three will be taken to exempt from tax: HRA received from your employer, actual rent paid minus 10 of salary 50 of basic salary for those living in metro cities 40 of basic salary for those living in non-metro cities.
Landlords PAN number mandatory If Landlords does not have PAN number, then a declaration from him/her on plain paper citing the reason for NOT having PAN.If the rent paid during given financial year is greater than Rs 1 Lakh, the employee will have to provide the PAN card details and copy of the landlord/property owner.Back to Index Can I pay rent to my wife or spouse or parents to claim HRA tax benefit?The deduction will be the lowest amongst: The HRA that is given by the employer 50 of the employee salary if he or she lives topshop promotional codes november 2015 in any of the Metro cities of India.Lets call this value Optimum Now use this mathematical formula to find the Rent (yearly) This will give you the value of Yearly Rent that will give you the maximum tax rebate.The deduction on HRA is the lowest of the following under gettington coupon code april 2015 Section 10(13A) of the Income Tax Act: Actual HRA received from the employer 50 per cent of (basic salary dearness allowance) for those living in metro cities (40 per cent for non-metros).I was on rent for part of the year?Our calculator can easily help you figure out your HRA exemption.When the Rent Amount Exceeds Rs 1 Lakh.And keep it safely in your records.But in some other cases, the Income Tax Department may question the tax exemption taken on both HRA and home loan, Mr Maheshwari adds.In this situation you may not be able to claim HRA exemption, remember to agree about rent receipts with your landlord before taking the accommodation on rent.Those who seek tax exemptions under the Section 80 GG should not claim any tax benefits related to a self-occupied property, which they own elsewhere.This will help the IT department to easily deduce the expenditure.The entire HRA received is not always fully exempt from tax.Can I claim HRA if Im also claiming home loan deductions?The exempted monetary amount can be received as the refund of the excess TDS.Sohan, and the 1st condition will prevail.Divide this amount by 12 to reach the figure of monthly rent.You do not own any house property which is treated as self-occupied property in your tax return.Just select the relevant year from the options.