What is Notional Rent for your rented house?

If you are someone who has rented out your house, you need to show that rent as an income along with your other sources of income. The taxation of your rental income depends on whether you have a loan running against this rented house or you own it fully. The amount that is considered for taxation could either be the Notional Rental for that house or your Actual Rent whichever is higher. Let us understand more...

HRA and Rent Benefit under Section 80 GG

In the last post, we studied about the tax implications of HRA under Section 10. But this section is applicable only if the individual qualifies for HRA as per the company policies. But what if your employer does not give you HRA or you are self employed? In that case, Section 10 is not applicable for you. You can still save taxes using Section 80GG of the IT Act.

House Rent Allowance (HRA) Entitlement under Section 10

In the absence of sufficient knowledge of key tax exemption opportunities like House rent allowance (HRA), we may end up losing out on valuable saving and investing opportunities. So, let us learn about HRA and how it helps us get tax exemption.