Rrrrrrrrrrrrrr

Query on Rent to Parents

Hi folks, I have one question regarding HRA deduction. I am paying rent to my parents and then claiming it under HRA deduction.

Recently my HRA increase and now I am planning to pay 50k as rent to parents in new financial year and claim HRA. Previously I was paying 30k.

Is there any issues with that?

Thanks!

7mo ago

jake_peralta_B99

Freelancer7mo

No issues. Remember to show that income for your parents while you file ITR.

Also, remember, since you pay >= 50k in rent, you need to file for advance taxes as well, by April 15 every year. It would close to 5% I think. Do check with your financial advisor about this

Rrrrrrrrrrrrrr

US Based Startup7mo

Thanks, I was not aware about advance tax rule. Not sure if advance is necessary because majorly tax will be deducted by employer acc. To our investments and deduction info we provide.

samosa

Stealth7mo

If you are an employee, no you don't need to pay any advance tax

Advance tax is only for freelancers etc.

Whatsinthename

Stealth7mo

TDS at 5% has to be deducted on or above 50K rent per month. Parents need to own the house and disclose the rent in ITR. The rent should be a fair value , suppose in your area, the rent is 20K for a similar house but you are paying 50K , in the tax notice or assessment, this will be an issue.

Eternalhopeful

Mensa Brands7mo

It's not advance tax but tds which is 5% if rent is above 50k per month. This is tds on rent you will pay. It's once in march generally for the whole Period of rent in financial year

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Or get it on the stores.

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