16. Dezember 2020
Rental Agreement Mandatory Income Tax
I highly recommend having a lease if you pay rent to your wife or parents, as it helps prove the agreement between the landlord and the tenant. HRA Proof of rent is not required, but may be requested by the income tax officer if he or she has any suspicions about your rental income. Forged rental income can be taken by income tax officers and you may have to pay penalties with the income tax due. Rental income paid during the year is used as proof of rent. If the rental agreement is not available, you must file your rental agreement with the account extract indicating the rent paid. In the case of renting with other friends such as a roommate, I recommend having a lease to clearly show the amount of rent shared between tenants. An individual must deposit the rental income and the rental contract in order to benefit from the home rent allowance. If the rent he paid exceeds $1,00,000 per year, he must file the owner`s pancard data, along with the rental income and lease. The eligibility criteria for the HRA exemption are: . No rent required for rent up to 3 thousand per month. PAN landlord number, turnover stamp, rent required for monthly rent above 8,334. If the landlord does not have a PAN number, these two documents are required by the landlord so that you can apply for the HRA exemption: a person can benefit from the HRA benefit if he pays the rent to the family member, but the person cannot own that unit. Therefore, if a person lives with his parents in his house and has the necessary documentation to prove the rent paid, he can benefit from the benefit.
If the owner does NOT share his PAN number for your HRA tax, you are unlucky and you cannot claim HRA. b) The actual rent paid each year in excess of 10% of the annual salary For the HRA calculation, the salary is the sum of allowances, basic salary and other commissions. If you do not receive commissions or rental allowances, the home rental allowance is 40 per cent or 50 per cent of your basic salary, subject to certain conditions. Yes, the husband and wife can claim HRA separately for their respective shares, but the total rent claimed by the two individuals must not exceed $20,000. Yes, both can be claimed. The home rent allowance has no influence on the deduction of interest on the home loan. You must pay the TDS fine if you do NOT withdraw TDS, which is paid 1% per month. This penalty is increased to 1.5% per month if the SDS is deducted but is not filed with the Income Tax Office. The new tax system was introduced in the EU`s 2020 budget. It allowed individuals to choose either the old tax system with exemption or the new tax regime without specific exemptions. The tax benefit of home rental allowances is therefore only used by those who opt for the old tax system.