Husband and wife are expected to live in the same house and if one is paying rent to the other; it may sound odd, isn’t it? What would be the reason for such payment? Maybe tax planning, reduce the tax outputs! Will such exemptions, if claimed by the taxpayer, be …
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House Rent Allowance (HRA) is an allowance (part of the salary) given by an employer to an employee to meet the cost of renting a home. HRA is a taxable receipt in the hands of the employee. However, section 10(13A) of the Income Tax Act grants exemption in respect …
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Salary Income – Only people who are earning salary income are eligible to claim tax benefits towards rent paid in respect of residential accommodation. Secondly, as part of the salary one should have a component by name ‘House Rent Allowance (HRA). (So, check the appointment letter or payslip to see …
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Simplified Laws Guide to Taxation and Legal Concern