Hi, I recently got a job offer and there they are giving House Rent Allowance of Rs5144/month. Now the annual ctc is borderline below 3lakhs of taxable limit. However, since I've income from profession, next financial year I'll be tax liable. So, if I make a rent agreement with my parents of say Rs 5k per month(metro city) then will that be beneficial?
Since I live with my parents and I don't own any property to my name, I can utilize HRA against rental?
CAclubindia
