Hra related
This query is : Open
16 January 2015
Hello,
contractual employees also can take benefit of HRA or not in his/her final return..and any specification required for rent agreement means NOTERY/REGISTERED..
Vikram
contractual employees also can take benefit of HRA or not in his/her final return..and any specification required for rent agreement means NOTERY/REGISTERED..
Vikram
16 January 2015
irent agreement required in case if rent amount is more the rs 1 lakh in a fy.
16 January 2015
Thanks ...but main question is contractual employees can take rent paid benefit or not..pl
16 January 2015
https://taxguru.in/income-tax/deduction-under-section-1013a-for-house-rent-allowance.html
refer this link it says about "salaried class person: so if they are salaried even for contract period then yes available to them.
refer this link it says about "salaried class person: so if they are salaried even for contract period then yes available to them.
16 January 2015
if they are taking HRA then they take benefit of HRA exemption.
16 January 2015
I got below link..thanks
taxguru.in https://taxguru.in/income-tax/section-80gg-deductions-rent-paid.htmt
Section 80GG Deductions – For rent paid
Deductions is respect of rents paid : Under Section 80GG, an Individual can claim deduction for the rent
paid even if he don’t get HRA. Not many people are aware of this deduction.
Section 80GG allows the Individuals to a deduction in respect of house rent paid by him for his own residence.
Such deduction is permissible subject to the following conditions :-
(a) the Individual has not been in receipt of any House Rent Allowance from his employer specifically granted to
him which qualifies for exemption under section 10(13A) of the Act;
(b) the Individual files the declaration in Form No. 10BA.
(c) The employee does not own:
(i) any residential accommodation himself or by his spouse or minor child or where such Individual is a member
of a Hindu Undivided Family, by such family, at the place where he ordinarily resides or performs duties of his
office or carries on his business or profession; or
(ii) at any other place, any residential accommodation being accommodation in the occupation of the Individual,
the value of which is to be determined under Section 23(2)(a) or Section 23(4)(a) as the case may be.
(d) He will be entitled to a deduction in respect of house rent paid by him in excess of 10% of his total income,
subject to a ceiling of 25% thereof or Rs. 2,000/- per month, whichever is less. The total income for working out
these percentages will be computed before making any deduction under section 80GG. In other word eligibility
will be least amount of the following :-
1) Rent paid minus 10 percent the adjusted total income.
2) Rs 2,000 per month.
3) 25 percent of the adjusted total income.
The deduction will also not be available to an assessee if any residential accommodation is owned by the
assessee at any other place, which he is occupying, and the concessions in respect of self-occupied house are
claimed by him for that property. In such a case, no deduction will be allowed in respect of the rent paid, even if
the person does not own any residential accommodation at the place where he ordinarily resides.
Download Format of FORM NO. 10BA
taxguru.in https://taxguru.in/income-tax/section-80gg-deductions-rent-paid.htmt
Section 80GG Deductions – For rent paid
Deductions is respect of rents paid : Under Section 80GG, an Individual can claim deduction for the rent
paid even if he don’t get HRA. Not many people are aware of this deduction.
Section 80GG allows the Individuals to a deduction in respect of house rent paid by him for his own residence.
Such deduction is permissible subject to the following conditions :-
(a) the Individual has not been in receipt of any House Rent Allowance from his employer specifically granted to
him which qualifies for exemption under section 10(13A) of the Act;
(b) the Individual files the declaration in Form No. 10BA.
(c) The employee does not own:
(i) any residential accommodation himself or by his spouse or minor child or where such Individual is a member
of a Hindu Undivided Family, by such family, at the place where he ordinarily resides or performs duties of his
office or carries on his business or profession; or
(ii) at any other place, any residential accommodation being accommodation in the occupation of the Individual,
the value of which is to be determined under Section 23(2)(a) or Section 23(4)(a) as the case may be.
(d) He will be entitled to a deduction in respect of house rent paid by him in excess of 10% of his total income,
subject to a ceiling of 25% thereof or Rs. 2,000/- per month, whichever is less. The total income for working out
these percentages will be computed before making any deduction under section 80GG. In other word eligibility
will be least amount of the following :-
1) Rent paid minus 10 percent the adjusted total income.
2) Rs 2,000 per month.
3) 25 percent of the adjusted total income.
The deduction will also not be available to an assessee if any residential accommodation is owned by the
assessee at any other place, which he is occupying, and the concessions in respect of self-occupied house are
claimed by him for that property. In such a case, no deduction will be allowed in respect of the rent paid, even if
the person does not own any residential accommodation at the place where he ordinarily resides.
Download Format of FORM NO. 10BA
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