RE:my own flat
by Vishal Dattani on Jun 01, 2007 10:28 PM Permalink
If the flat is in parents name (preferably in ur mom's name) then u can show as rent paid to ur mom / dad. but it would be considered as income for ur mom / dad. so if they come under the tax slab, then they would have to pay tax on the taxable income.
RE:my own flat
by SAMAPT CHAPLOT on Jun 01, 2007 05:44 PM Permalink
In case of Self Occupied house at the place of working that is you occupy your own house at the place of working and do not pay the rent for it to any body else, you cannot get the benefit u/s 10(13A) for HRA . In case ur house is situated at any other town under ur possession and u occupy at the place of service another rented house u can get the benefit of HRA
RE:my own flat
by tanveerali Miranji on Jun 01, 2007 05:43 PM Permalink
It is the precondition to avail HRA exemption benefit under Sec 10 of the Income Tax Act, the assessee should not owned a House. In your case if the house is in your name than you can't get the benefit of HRA exemption.
RE:my own flat
by Arvind Balakrishnan on Jun 01, 2007 06:17 PM Permalink
That's not true. You can still claim HRA while enjoying tax rebate on Home loan Interest and Principal repayments. You will have to declare you haven't let out your house on rent, if that house is in your name.
RE:my own flat
by Upadrasta PardhaSaradhi on Jun 01, 2007 06:20 PM Permalink
there is a trick here, you can say my house is far from my house and say I have given it for rent and can claim both HRA and Tax benefits by profucing the House rent receipts of some house.
But you have to show the rent you gets for your own house as a income from other Sources.
LAw has some flaws and you need to be smart ot use them. :)
RE:my own flat
by Upadrasta PardhaSaradhi on Jun 01, 2007 06:21 PM Permalink
there is a trick here, you can say my house is far from my office and say I have given it for rent and I am residing in a rented House.
Now you can claim both HRA and Tax benefits by producing the House rent receipts of your rented house and loan interest certficate of your own House. But you have to show the rent you gets for your own house as a income from other Sources.
LAW allows somethings and you need to be smart ot use them. :)
RE:my own flat
by Amitabh on Jun 02, 2007 03:53 PM Permalink
If your own flat is self occupied,you can claim HRA is you are actually receiving it from your emplyer and paying rent.However,if your self occupied house is in same city where you are residing,there may be problem for you to prove that there is a business or emplyment constraint for your not living in your own house.In that case,the self occupied house might be treated as deemed to be on rent and you may have to pay tax on fair rent.Otherwise there is no problem.Under Sec 10(13A),read with rule 2B there is nothing against your claiming HRA exemption provided you satisfy the conditions stated therein.
RE:my own flat
by Amitabh on Jun 02, 2007 04:05 PM Permalink
If you are yourself living in your self occupied house and not paying any rent,entire HRA will be taxable.
RE:my own flat
by mohammad anwar on Jun 01, 2007 10:31 PM Permalink
You can claim HRA benifit provided you produce a bill from any of your relatives. Or if your parents own a house you can request them to issue a rent receipt provided it may not attract any extra tax liability
