Many businesses provide employees with a home rent allowance (HRA) to pay the cost of living in rented housing. HRA is one of the greatest opportunities for tax savings, since the entire amount of HRA is not taxable. For more than 12 months, the rental agreement is not concluded, but the rental status is preferable, registration is necessary. There is no fixed format for mandatory rental income. Is it imperative that the rental letter contain the owner`s signature? My landlord suddenly refuses to sign my rental income, even though he has signed in recent years. I have the details of the PAN owner, the pan copy, the valid lease and the proof of rents by bank transfer. Yes, the paperwork has to be correct, because the income tax department has become very strict. ITR also required the owner`s NAP and the tenant`s NAP. Why are you worried about HRA? Their income is 17500 x 12 2.10.00, which is below the base threshold of 2.5 Lakhs. You don`t have to pay taxes. The taxation of scholarship income has been the subject of much discussion. The Income Tax Act will not refer to a purely objective “scholarship.” If the scholarship is paid for the promotion of a person`s training, we must test whether it is qualified as a scholarship. Research grants, scholarships awarded by universities, can all be exempted if their type encourages continuing education.
Physicians generally earn scholarships when they complete a higher degree in a hospital. Such a doctor`s job is similar to that of a full-time agent. The doctor gains experience from jobs and tasks such as ordinary doctors – in such cases, your scholarship can be taxed. MBA graduates or engineering graduates receive a scholarship by doing an internship at a company – some companies even offer housing. Fellows may or may not be separated as a pay letter. This may be similar to the working letter offered to a full-time worker. However, if this payment is made for you in order to gain experience and provide similar services to an employee, this scholarship income is taxable. Can rental income be generated by any other member of the family, with the exception of the owner of the property? My domestic property is registered in the name of my father and uncle, can I rent the property and earn income in my name, make the agreement on my name and issue supporting documents to the tenant so that he can claim the deduction on the same right? To claim the house rental (HRA), it is necessary to provide proof of payment of the rent to the employer, rental income work as evidence. The employer may grant deductions and allowances after checking.