Monday, July 9, 2012

Documents Needed To Claim Hra Exemption On House For Rent Bangalore?

House for rent Bangalore

* Rent receipts
* Rental agreement
HRA and Home Loan
Many people get even more confused when it comes to HRA and home loan together. But it is quite simple, really.
In a nutshell: There is no restriction in the Income Tax (IT) Act about claiming home loan and HRA benefits together.
If you are staying in a house for rent Bangalore accommodation, and have taken a home loan for purchase of a house, you can claim benefit for both HRA and the principal and interest components of the home loan.

(Please read Income Tax (IT) Benefits of a Home Loan / Housing Loan / Mortgage for more on IT benefits that you can get using a home loan).
You can claim these benefits even if you have rented out the house you have purchased through a home loan, and are yourself living in another rented accommodation.
The city where you own a house and the city where you work also has no significance: There can be different cities, or can be the same.

There are certain conditions that should be met for claiming IT benefit on HRA.
You can claim HRA exemption towards house for rent Bangalore, if:

* You receive HRA as part of your salary
* You pay the rent
* You stay in the rented house for which you pay the rent
* You do not own the house for which you are paying the rent

Thus, for example, you are paying the house for rent Bangalore in which your parents stay, but you stay in a different house. Then, you cannot claim exemption for that. You yourself should be an occupant of the house.

Following are some of the reasons considered genuine:
* The house you own is not conveniently located with respect to your workplace
* Your parents are living in the house you own. So, you have to stay in a rented place.
* The house you own is small. So, you have to rent a bigger house.
* You have rented out the house you own. And you stay in another house that you have taken on rent.
Experience is what makes a difference. Along with experience comes the mastery of the field. Along with mastery is the expertise.

No comments:

Post a Comment