19 March 2023
I am a salaried person and get monthly hra. I want to claim exemption of hra by paying rent to my parents so is it mandatory to enter into rent agreement or can I pay the rent and claim exemption?
19 March 2023
As per the Income Tax Act, salaried individuals are eligible for HRA exemptions under Section 10 (13A) per rule number 2A of the Income Tax Act. BUT ONY UNDER OLD TAX REGIME.
19 March 2023
The following are some of the major deductions and exemptions you cannot claim under the New Tax Regime, while the same were eligible under OLD Tax Regime: The standard deduction under Section 80TTA/80TTB Professional tax and entertainment allowance on salaries Leave Travel Allowance (LTA) House Rent Allowance (HRA) Minor child income allowance Helper allowance Children education allowance Other special allowances [Section 10(14)] Interest on housing loan on the self-occupied property or vacant property (Section 24) Chapter VI-A deduction (Section 80C, 80D, 80E and so on, except Section 80CCD(2) and Section 80JJAA) Exemption or deduction for any other perquisites or allowances including food allowance of Rs 50/meal subject to 2 meals a day Employee's (own) contribution to NPS
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