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House Rent Allowance

House Rent Allowance

What is HRA?

Salaried individuals who live in a rented house can claim House Rent Allowance or HRA to lower taxes. This can be partially or completely exempt from taxes. The allowance is for expenses related to rented accommodation. If you don’t live in a rented accommodation, this allowance is fully taxable.

How is tax exemption from HRA calculated?

The deduction available is the minimum of the following amounts:

  • HRA received
  • 50% of basic salary for those living in metro cities (40% of Basic Salary for non-metros)
  • Actual rent paid

Can I claim HRA and deduction on home loan interest as well?

Yes, you may. HRA has no bearing towards your home loan interest deduction. Both can be claimed.

Ask for your landlord’s PAN

If you have taken a house on rent and are making a payment in excess of of Rs 8,333 per month – remember to obtain the landlord’s PAN or you may lose out on the HRA exemption. Landlords without a PAN must be willing to give you a declaration.

Tenants paying rent to NRI landlords must remember to deduct TDS of 30% before making payment towards rent.

House Rent Allowance

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