House Rent Allowance (HRA) is a part of an employee’s salary offered by the employer for the expenses incurred towards rented accommodation. I want you to know that only salaried individuals can take advantage of HRA. In case you are a self-employed individual, then you are exempted from claiming a house rent allowance. Moreover, you can avail of this exemption only if you are staying in a rented apartment. Now that you know about what is HRA in salary slip, let’s read about conditions for claiming HRA exemption.Conditions for Claiming HRA Exemption
The house rent allowance exemption is only offered when you pay the rent to a property owner under any other section.
There is no house rent allowance deduction for the time when the rent is not paid
You should pay rent on a regular monthly basis to claim the HRA deductions. Additionally, you should pay it through bank transfers to help the IT department easily deduce your expenditure.
If you reside in a rented apartment and your rent exceeds Rs.1,00,000 in a fiscal year, then you are required to submit the PAN details of the landlord along with the HRA claims.
Now that you know what is the HRA of basic salary, I think these answers might be helpful to you:
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What is HRA in salary?
Sapna
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September 16, 2021
2021-09-16T12:21:31+00:00 2021-09-17T18:24:05+00:00Comment
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