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?
you can do so. but your parents will have to show this rent in their tax return as income from house property
umm.. what if they don't have any file running?
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