Of all the tax benefits, HRA exemption is the most popular. Here are a few must know things about claiming HRA.
Submit rent receipts
If you are claiming HRA through your employer, they’ll need a proof of rent payment to allow you exemption. The income tax act has made it the employer’s responsibility to collect rent receipts. On the basis of rent receipts submitted by you, your final tax liability shall be calculated and TDS adjusted accordingly.
Landlord’s PAN details
If the annual rent paid by you is more than Rs 1,00,000, it is compulsory to get PAN of the landlord and report it to your employer. In case due to some reasons the landlord does not provide you the PAN or does not have one, you can ask for a declaration to this effect from the landlord with name and...