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Can I give my mother name for HRA?
If you actually pay a rent to your mother and she owns this property, you may be entitled to claim the HRA exemption. You would need to provide your employer the prescribed declaration (Form 12BB) specifying your mother’s name, address and permanent account number (PAN).
Can I give my mom PAN card for HRA?
According to a government notification, PAN card information will now be required when filing HRA (House Rent Allowance) claims returns by employees. The government has stated that the landlord’s PAN card details will have to mentioned on the exemption form in case of house rent exceeding Rs.
Can I rent a property in my name for someone else?
You can rent an apartment and share it with your friends, living there together as co-signers who help pay the rent. You would all be considered “tenants” on your lease and would be listed accordingly. If you rent an apartment and allow someone to live there who is not on the lease, this would be considered illegal.
How do I rent from my parents?
Make it legal and put it in writing. Your parents are having you pay rent for one reason or another, and so this is definitely a business arrangement. Treat it as such. Have them draw up a formal rental agreement or lease and review it carefully.
Should you include landlord’s PAN card details in HRA exemption claims?
By including the landlord’s PAN card details for HRA exemption claims that total over Rs. 1 lakh per annum, the government will be able to ascertain if the employee is actually paying the amount in question.
Can I claim HRA If I live with my parents?
But they will have to show the rent as income from house property. But if you are staying with your parents in a rented accommodation and they are paying the rent, you can’t claim the HRA deduction. 2) You can’t pay rent to your spouse and claim HRA deduction.
How to claim tax exemption on HRA in India?
As per the law in force, all employees who declare HRA of above Rs. 1, 00, 000 a year will be required to submit their landlord’s PAN details when claiming exemption. The employee is required to submit a form, known as the PAN Card Declaration from Landlord along with the tax exemption claim form.
Can I claim HRA on principal and interest on home loan?
Yes, you can still claim HRA and even tax benefits on the repayment of principal and interest amount on Home Loan, provided you have deeds, possession and other necessary documents. You can claim tax benefits under Section 80C of the Income Tax Act for principal repayment up to Rs 1.5 lakh.