11 January 2017
Dear all, I have one quary relating to combining rent and HRA. Let me take a example, i am emplyee in a company. comapny is giving HRA to me. i am living in a house taken on lease for one year, for this lease amount is 100000. can i take a HRA exemption? if yes how? if not, what is the possible tax provision on lease rent. it is very urgent.
My view to quary:- HRA is relating to monthly rental and need to produce rental receipt for claiming Exemption. it is not posssibe in case of lease because of that lease amout is refundable to me at end of the period covered in lease agreement. so HRA is totally taxable. and there is no provision on house is taken on lease in income tax act. So finally no benefit araise me on this lease from HRA and other. my view is correct?
CAclubindia
