The taxpayers who do receive tax exemption on the House Rent Allowance (HRA) of their pay can receive income tax rebate for the lease that is paid by them under section 80GG. Rebate can be claimedwhile he files his income tax return forms.
People also ask
How to get tax rebates?
How to get Tax Rebate? In order to avail income tax rebates, you can approach your HR and he will do the exemption and deduct it at source. The rebates that can be deducted at source will have to be done while filling up the Income Tax Return Forms. Eligibility to Claim Income Tax Rebate
How to claim HRA rebate if you forgot to submit rental receipts?
Even if you have forgotten to submit rental receipts, you can claim an HRA rebate while filing your income tax returns. All you have to do is manually calculate the HRA tax exemption using the formula mentioned above and then report this as an expense under Section 10 (13A) in ITR1.
Are there any tax benefits on house rent paid?
Income tax benefits on house rent. The tax benefits on rent paid differs, depending on whether you are a salaried person who receives HRA from the employer, or if you pay rent but do not receive HRA. To meet the high costs of living in rented accommodations, employers pay house rent allowance (HRA) to their employees.
Can rent be claimed as a tax deduction on HRA?
Rent paid by people who are not in receipt of HRA. Section 80GG of the Income Tax Act also allows deduction on the rent paid by a person. This can be claimed by self-employed people, as well as employees who do not receive any HRA from their employers. The benefit is allowed as a deduction from one total income.