Tax Preparation Deduction
March 6th, 2010
Question: Is there any limit for House Rent to avail the Income Tax exemption in India without providing the receipts..?
I heard that if the House Rent is below Rs. 3000 per month then there is no necessity to provide the Rent Receipt to the company… Is it true..??? Is there any limit for House rent to avail the tax deductions while filing the Income Tax returns in India…?? If yes, how much can a salaried employee show in his Income Tax return to avail the exemption for House Rent without providing the rent receipts…??? Is it necessary to provide Rent Receipts to the company in which he is working while in the preparation of Form-16…???
Answer: It is mandatory to give copies of rent reciepts irrespective of the amount paid
The HRA is calculated at lower of
Actual HRA
or
Excess of Rent paid over 10% of Salary (Excluding HRA)
or
50% (In case of Metro Residents) / 40% (In case of other residents) of the Basic Salary
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