If you are a salaried taxpayer claiming HRA (house rent allowance) deduction, watch out. The central government has lowered the exemption limit for reporting the rent received. Salaried taxpayers claiming HRA exemption and paying a rent of over Rs 1 lakh per year have to give landlords PAN (permanent account number). Till now, if the total rent paid was less than Rs 15,000 a month there was no need to submit the landlords PAN details. The new rule effectively lowers the rent limit from Rs 15,000 a month to Rs 8,333 per month for claiming HRA exemption without making any disclosures. __
Posted on: Tue, 19 Nov 2013 05:54:32 +0000
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