• HRA exemption

Hello, My Form16, doesnot include Exemption on house-rent paid by me and Mediclaims as well for Fy 2019-20.
I was a salaried individual back then. 
I would like an advice on ITR1 filling by understanding how this can be worked out. 
I had taken up taxfiling on my own this year, However stuck on the above point.
Asked 3 years ago in Income Tax

- You can claim HRA exemption at the time of filing of ITR if it is not reflecting in Form 16. Ensure you should have rent agreement, rent receipts and if payment is more than Rs.1 lacs in a year then PAN of the landlord is required. Standard deduction of rs.50k is introduced in lie of mediclaims and transport allowance. Take assistance of professional for filing of ITR. 

Vivek Kumar Arora
CA, Delhi
4825 Answers
1031 Consultations

5.0 on 5.0

Dear Sir,

 

Hope you are doing well !!

 

If you are paying rent for accommodation to a landlord which can mean your parents also, then you are eligible to claim tax exemption for the rent paid.



This tax-exemption can be claimed at the time of filing your tax return as well if not claimed via your employer. If you have provided proof to your employer such as rent receipts, rent agreement etc. then the amount of tax-exemption that you are eligible for will be reflected in the Form -16 i.e. a TDS certificate received form your employer

 

If you have forgotten to submit the documents such as rent agreement or rent receipts to your employer, then worry not, as you can still claim the tax-exemption benefit available on HRA while filing your income tax return (ITR).

However, remember in such a case you will be required to manually calculate the amount of HRA received by you which is exempted from tax.

 

The same will be applicable to mediclaims as well.

 

We may assist you in entire procedure.We may assist you in ITR filing.

 

It is advisable to take a phone consultation for detailed discussion.

 

Payal Chhajed
CA, Mumbai
5188 Answers
288 Consultations

5.0 on 5.0

Hi

 

You are just required to copy the amount from the Part-B of your Form-16 and paste in the relevant section of ITR-1 form. The required information will be pasted in the 'Salary as per section 17' in ITR-1 form. The tax-exempt portion of HRA will be reported under the head, 'Allowances exempt u/s 10' in the ITR 1

 

However, (if it is not there in the form 16) one can claim one’s HRA exemption. An employee is entitle get HRA exemption benefits even if he/she is not being paid by the employer but resides in a rented accommodation. If case goes in scrutiny, the relevant person will be required to file original HRA documents to the department

Karishma Chhajer
CA, Jodhpur
2450 Answers
29 Consultations

5.0 on 5.0

Hello,

 

You can claim the deduction for house rent while filing your income tax return. If you receive HRA, you can claim deduction u/s. 10(13A). If you don't receive HRA, you can claim the deduction u/s. 80G.

I hope this answer satisfies your requirements. It would be advisable to hire a practicing CA for the proper preparation and filing of your income tax return.

 

Regards,

CA Hunny Badlani

Hunny Badlani
CA, Madhya Pradesh
2608 Answers
16 Consultations

5.0 on 5.0

Hi

If you were receiving HRA and not given HRA exemption, you can claim the same in ITR. However, you would be receiving a notice for mismatch between form 16 and ITR.

It is advisable to get the form 16 updated from the company. 

Further, kindly ensure that you are eligible for HRA exemption on the basis of limits prescribed.

We may assist you with the same.

Lakshita Bhandari
CA, Mumbai
5687 Answers
909 Consultations

5.0 on 5.0

Dear Sir,

 

If you have genuine exemption, then yes, you can claim HRA Exemption within the limit specified by Income Tax Act.

 

Thanks and Regards

Shiv Kumar Agarwal 

Shiv Kumar Agarwal
CA, Delhi
489 Answers
74 Consultations

5.0 on 5.0

You can claim HRA and mediclaim benefit when filing your ITR. If this benefit was not taken in Form 16 ideally your ITR should show a refund. In case you need assistance in filing you may contact me.

Ruchi Goel Anchal
CA, Gurgaon
525 Answers
16 Consultations

5.0 on 5.0

Still you can claim Rent deduction u/s 80GG of you have actually paid the rent.

Narendra Sonagra
CA, Ahmedabad
57 Answers

Not rated

You can calculate the exemption that should be legally available to you as per 10(13A) and 80D and claim the same in your ITR and file the same.

Or book consultation and I can help you file return.

 

Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.

Thank you.

Naman Maloo
CA, Jaipur
4265 Answers
96 Consultations

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