Save Tax by Paying Rent to Family #tax #finance #education #money

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Do Note:-

*If the payment of rental expenses is more than ₹ 1,00,000/- annually, then it is mandatory for the employee to provide the PAN number of the landlord while filing income tax returns.

➡️Documents required to claim the HRA while staying with parents

🔸Rent agreement and rent receipts – Usually employers ask for a copy of the rental agreement for their records. They can also request submission of rent receipts to allow you HRA exemption.

🔸You can enter into a simple rent agreement with your parents.

🔸You can prepare rent receipts by using any Receipt generator websites. eg. Cleartax.

🔸You can print these receipts and submit them to your HR/payroll department. You can also download them and save them on your computer.

🔸It is important to keep proper records in case the assessing officer ask for them

➡️Benefits of claiming HRA while staying with family

🔸Save tax as a family

🔸Your parents can deduct property taxes and also claim 30% standard deduction on the rental income.

🔸If they are in a lower tax bracket than you, the family can save tax as a whole.

🔸If they are more than 60 years old, they will also enjoy a higher minimum income exemption limit (Rs.3 lakh for those who are aged above 60 years old and Rs.5 lakh for those who are aged above 80 years old).

🔸In case they do not have any taxable income, you will be able to save significant tax as a family.

– The entire HRA received is not always fully exempt from tax. The least of the following three will be taken to exempt from tax:

🔹HRA received from your employer
🔹Actual rent paid minus 10% of salary
🔹50% of basic salary for those living in metro cities
🔹40% of basic salary for those living in non-metro cities

Source:- ClearTax
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#tax #savetax #financialplanning #moneymanagement #savemoney #rent #personalfinance #salary #family

How To Save Money For My Family, Save Tax by Paying Rent to Family #tax #finance #education #money.

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