House rent allowance (HRA) is a part of your salary and can be claimed to save on income tax. Here are some tips for the same. If you are salaried, a lot of your taxes can be saved by claiming HRA exemption. This allowance is usually linked to your salary and rises with your income. You are eligible to claim HRA exemption if you live on rent & pay rent. Also HRA must be offered by the employer as part of your salary.If your employer does not provide HRA benefit and you live on rent, you can still claim certain tax benefits. These are allowed under section 80GG of the income tax act. In Budget 2016, the maximum amount that can be claimed under section 80GG has been revised from Rs 2,000 per month to Rs 5,000 per month. (There is no additional tax save in Budget 2016 for those who are receiving HRA).
For more news visit us at
http://www.marketmagnify.com/services.php
Shares in Asia mixed with regional data sets noted, Tokyo up
ReplyDeleteCapitalStars