House Rent Allowance Comes Under Which Section
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House rent allowance hra is an allowance paid by an employer to its employees for covering their house rent.
House rent allowance comes under which section. If pay rent for any residential accommodation occupied by you but do not receive hra from your employer you can still claim the deduction under section 80gg. House rent allowance hra applicable for salaried employee the standard deduction applicable for persons in employment against salary income cannot be claimed when the taxpayer who opts for section 115bac. Self employed individuals are not allowed to take any deduction under this section.
It should be noted here that if the service has been less than 5 years then the pf is taxable. Under section 80gg an individual can claim deduction for the rent paid even if he don t get hra. However income tax act provides a deduction of hra under section 10 13a subject to certain limits.
A deduction is permissible under section 10 13a of the income tax act in accordance with rule 2a of the income tax rules. If an employee stays in his own home or in a house for which he does not have to pay any rent then the house rent allowance hra exemption under this section is not available. An employee can claim an exemption on his house rent allowance only if he stays in rented accommodation during the financial year.
Ankush gupta march 22 2019 leave a comment. Deductions is respect of rents paid. The house rent allowance is an allowance paid by the employer to its employees for the purpose of meeting the expenditure relating to the rental accommodation of the employee.
Section 10 5 lta leave travel allowance. Deduction of entertainment allowance and professional tax. If you are staying in a rented house and getting house rent allowance as a part of your salary you can claim for full partial hra exemption as per the section 10 of it act.
House rent allowance hra is received by the salaried class. Such allowance is taxable in the hand of the employee. House rent allowance hra is an added benefit that is offered by an employer to its employees.
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