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Can I Claim Hra Without Rent Agreement

Beginner in your career or experienced professional, your HR and accounting departments have asked you for rental receipts. This is the time when you start doing the jugaads, with the help of your friends, family, colleagues or seniors, to get rental receipts. If you forgot to file the rental supporting documents at the time of the proof declaration, you can still benefit from the HRA exemption at the time of filing your income tax return (ITR). Condition C: If HRA is not part of your CTC, don`t be discouraged. You can still claim the deduction of rent paid at the time of return of 80GG, but only up to Rs 60,000. Yes, for sure. You can claim both. If you reside in a rented house, you can claim the HRA exemption. At the same time, if you have taken out a home loan, you can also benefit from the advantages of mortgage. The HRA allowance is based on rental income and is calculated accordingly. Ownership of the house – Since the rent is paid to the owners, the property must be owned by your parents. It may belong to one or both parents.

Remember that you cannot own or co-own this property, as you cannot claim an exemption for rent paid to yourself. To offer you the benefit of HRA, the human resources department must verify that you have actually paid rent for the HRA tax exemption. Rental income is taxable to parents – the rent you paid to your parents is taxable to them. They will include this income in their tax return under the heading „Income from home ownership“. They can claim the property taxes they have paid and also claim a standard deduction of 30% of this rental income. Those who live with their parents can pay your parents` rent and save taxes on HRA….