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Summary: HRA, or House Rent Allowance, is a stipend paid by employers to their employees to help with the cost of renting a home. HRA in salary is a significant part of a person's remuneration package. Read more.
Housing payments account for a considerable portion of a taxpayer's living expenses. Employees who pay income taxes may pay rent as well. In some cases, taxpayers who pay rent also pay back housing loans. Getting deductions for housing expenses can help taxpayers reduce their expenses and save more. Thankfully, the Income Tax Act has provisions for this. Let us understand this in detail.
HRA, or House Rent Allowance, is a stipend paid by employers to their employees to help with the cost of renting a home. HRA in salary is a significant part of a person's remuneration package. The HRA covers both paid and self-employed workers and falls under Rule 2A of the Income Tax Rules and section 10 (13A) of the Income Tax Act.
Salaried employees are entitled to an HRA exemption for the income tax they must pay each fiscal year. According to the Income Tax Act, the lowest of the three factors mentioned below are considered when calculating the housing rent allowance:
In some cases, an HRA and a home loan can be combined to receive a tax break. They include:
Self-employed people are not eligible for the HRA deduction under this section, although they can claim tax benefits under section 80GG of the Income Tax Act.
Remember, though, that these deductions should be claimed in authentic circumstances, not for tax evasion. So, if you have rented out your home and received cash as rent, or if you have taken a house on rent, it is best to avoid abusing the law's provisions to avoid paying your fair share of taxes to the government.
Even after knowing about the benefits one can receive under HRA, people still prefer getting a home loan to buy a house. The reason is clear. It is better to take a bank loan and have your own house rather than not having anything to show for the rent you are paying. If you have the right profile, you can easily get a home loan from IDFC FIRST Bank.
IDFC FIRST Bank offers home loans to eligible borrowers at the best interest rates. The rates offered are among the lowest in the market. Additionally, borrowers enjoy constant support through IDFC FIRST Bank’s intuitive and smart online banking app.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.