We can deduct HRA from gross salary to get Taxable income. Is this deduction also available to those who have there own house for living?
First of all, HRA should be deducted from Basic salary & that is 40%. HRA benefits can only be availed by those employees who are living in rented PG or flat (for tax saving) not for those who have their own house. And if an employee pays more than 1 Lakh rent then employee needs to share landlord’s PAN details during IT declaration submission.
And during end of financial year (February and March), it’s mandatory that employee provides supporting documents like rent agreement or monthly rent receipt.
While filing ITR they can also claim this amount.
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