"Adjusted total income" means Gross total income after deducting the below items: 1. All deductions u/s 80C to 80U except deduction under this section 2. LTCG, if any, included in gross total income 3. STCG u/s 111A 4. Incomes of NRIs and foreign companies, taxed at special rate, such as incomes u/s 115A, 115AB, 115AC, or 115AD. Also, just FYI, the lowest of the following three values is allowed as an HRA exemption: - Actual HRA received - 50% of your salary if you are living in a metro city and 40% if living in a non-metro city - Actual rent paid minus 10% of the total annual salary
Hi can you kindly help in this case..can i claim rent for a different state from my wokr location..my family resides in a different city and i am paying rent
Hello Sukanya, in your case you cannot. HRA can only be claimed for the rented house in which you are residing and actually paying rent. Thanks for your time.
If my parents are the co-owners of house owned and currently I am staying with them. Do i need to pay rent to any one of them to save the tax or required to split the amount between both of them / legal owner so that they can file the returns.
Hello Harsh, First thing, hope you are not the co-owner of that property. Also, there's a lot of ambiguity in every law, which gets cleared through case laws as and when they come into question. Here in your case, you should split the rent between co-owners, it should be based on their ownership share in the property. If, for example, your parents each own 50% of the property, you would split the rent payment equally between them. Rest assured, this would be the best course of action to avoid any issues in the future. Plus it would be easy for them to show this rental income under the head ‘income from house property' and can claim property taxes paid by them and also claim a 30% standard deduction from this rental income. Thanks for your time.
If we have a house in other city and rent in another city, then we can claim both HRA and home loan benefits right? And then in that case is it required to mention income from house property too ??
Yes Dheeraj, to answer your first question - you can claim both the benefits. Also on 2nd Q, The rental income from your own property will be added to your total income under Income from House property, but you can claim deductions such as municipal taxes paid and a standard deduction of 30% of the net annual value (rent received minus municipal taxes) to arrive at the taxable income from house property.
I am thinking to take a co-home loan for a property in the same city where i am paying rent to my mother Can i jointly own the property with my mother, pay rent to her for claiming HRA and also claim interest deduction for the loan?
Hi Jitanshu, if I understood your Q correctly then for claiming interest deduction, you must be the co-owner of the property and also the co-borrower of the loan.
I am living in mumbai (In my own house, my office is also in mumbai but if I take one house on rent in Pune & if I go to that house on weekly or monthly basis then can I apply for the HRA benifit?
Hello, HRA exemption is meant for a rented accommodation that you ordinarily occupy. Since you are living in your own house in Mumbai, you would not be considered ordinarily occupying the Pune house. HRA can only be claimed for the house in which you are residing and actually paying the rent. The intent of the HRA benefit is to provide relief towards your rent expenses while performing your work/job. Hope that helps. Thanks for your time.
Hi can you help me in this case...can i claim hra in different city from my base work location..i work in hybrid model.. My family resides in a different state for whic i am paying rent
Hi can you help me in this case...can i claim hra in different city from my base work location..i work in hybrid model.. My family resides in a different state for whic i am paying rent
Yes sir, even if you are in a hybrid work model and your family resides in a different state, you can claim HRA for the rent paid. However, you must ensure that you meet all the criteria to be eligible for the HRA tax exemption like you must be actually paying the rent, you must have rental agreement, you should not own the accommodation for which you are paying rent and you can prove (if required) that you often visit that accommodation etc. Thanks for your time.
Hi can you help me in this case...can i claim hra in different city from my base work location..i work in hybrid model.. My family resides in a different state for whic i am paying rent
"Adjusted total income" means Gross total income after deducting the below items:
1. All deductions u/s 80C to 80U except deduction under this section
2. LTCG, if any, included in gross total income
3. STCG u/s 111A
4. Incomes of NRIs and foreign companies, taxed at special rate, such as incomes u/s 115A, 115AB, 115AC, or 115AD.
Also, just FYI, the lowest of the following three values is allowed as an HRA exemption:
- Actual HRA received
- 50% of your salary if you are living in a metro city and 40% if living in a non-metro city
- Actual rent paid minus 10% of the total annual salary
These are most common yet important questions faced by most salaried taxpayers, nicely explained 👍👍
Thank you Rohit
Hi can you kindly help in this case..can i claim rent for a different state from my wokr location..my family resides in a different city and i am paying rent
Answered above sir, in your earlier comment.
Hi if we staying in the home on which home loan is taken and we paying rent in home town then can we claim hra
Hello Sukanya, in your case you cannot. HRA can only be claimed for the rented house in which you are residing and actually paying rent.
Thanks for your time.
If my parents are the co-owners of house owned and currently I am staying with them. Do i need to pay rent to any one of them to save the tax or required to split the amount between both of them / legal owner so that they can file the returns.
Hello Harsh,
First thing, hope you are not the co-owner of that property.
Also, there's a lot of ambiguity in every law, which gets cleared through case laws as and when they come into question.
Here in your case, you should split the rent between co-owners, it should be based on their ownership share in the property. If, for example, your parents each own 50% of the property, you would split the rent payment equally between them.
Rest assured, this would be the best course of action to avoid any issues in the future.
Plus it would be easy for them to show this rental income under the head ‘income from house property' and can claim property taxes paid by them and also claim a 30% standard deduction from this rental income.
Thanks for your time.
If we have a house in other city and rent in another city, then we can claim both HRA and home loan benefits right?
And then in that case is it required to mention income from house property too ??
Yes Dheeraj, to answer your first question - you can claim both the benefits.
Also on 2nd Q, The rental income from your own property will be added to your total income under Income from House property,
but you can claim deductions such as municipal taxes paid and a standard deduction of 30% of the net annual value (rent received minus municipal taxes) to arrive at the taxable income from house property.
I have had these questions every year end, while planning for taxes.
Thanks for the vid 👍
Thank you
Very informative video while filing for taxes.
Thank you
I am thinking to take a co-home loan for a property in the same city where i am paying rent to my mother
Can i jointly own the property with my mother, pay rent to her for claiming HRA and also claim interest deduction for the loan?
Or property should be only owned by my mother?
Hi Jitanshu, if I understood your Q correctly then for claiming interest deduction, you must be the co-owner of the property and also the co-borrower of the loan.
And for claiming HRA, you cannot be the owner of the property for which you are paying rent .
@@CA_Surajdeo so what to do to claim both?
@@CA_Surajdeo if i remove my name from co-ownership and just be a co-borrower in Loan , will i be eligible for claiming HRA?
I am living in mumbai (In my own house, my office is also in mumbai but if I take one house on rent in Pune & if I go to that house on weekly or monthly basis then can I apply for the HRA benifit?
Hello, HRA exemption is meant for a rented accommodation that you ordinarily occupy. Since you are living in your own house in Mumbai, you would not be considered ordinarily occupying the Pune house.
HRA can only be claimed for the house in which you are residing and actually paying the rent.
The intent of the HRA benefit is to provide relief towards your rent expenses while performing your work/job.
Hope that helps. Thanks for your time.
Very informative video 👍
Thank you
nice information, very helpful. Thank 😊
Thanks a lot for your time.
Very nice 👍
Thanks
🙌🙌🙌
thank you.
If you speak in Hindi you will get more views and likes.
Yes Yatin, will plan for Hindi channel also after getting some good response and feedback on this channel.
Thanks for ur time.
Hi can you help me in this case...can i claim hra in different city from my base work location..i work in hybrid model..
My family resides in a different state for whic i am paying rent
Hi can you help me in this case...can i claim hra in different city from my base work location..i work in hybrid model..
My family resides in a different state for whic i am paying rent
Yes sir, even if you are in a hybrid work model and your family resides in a different state, you can claim HRA for the rent paid. However, you must ensure that you meet all the criteria to be eligible for the HRA tax exemption like you must be actually paying the rent, you must have rental agreement, you should not own the accommodation for which you are paying rent and you can prove (if required) that you often visit that accommodation etc.
Thanks for your time.
Hi can you help me in this case...can i claim hra in different city from my base work location..i work in hybrid model..
My family resides in a different state for whic i am paying rent