Dear Seniors,
In my Co. there are few employees who are showing house rent receipt in the name of their mother , Father & Grandmother as investment proof against TDS deduction . Kindly let me if it is acceptable as they have blood relation.
Awaiting response...
Thanks
Ravita
From India, Mumbai
13In my Co. there are few employees who are showing house rent receipt in the name of their mother , Father & Grandmother as investment proof against TDS deduction . Kindly let me if it is acceptable as they have blood relation.
Awaiting response...
Thanks
Ravita
From India, Mumbai
Dear Ravita,
House rent rembursement is given only at the name of employee in TDS Calculation.
If any employee borrowed housing loan then repayment schedule required
If any body is rent payee then rent agreement required
Particulars Earning Deduction Taxable
Salary 289400 289400
HRA 151250 151250
Conveyance 118350 9600 108750
Childern Education Allw. 12000 0 12000
Special Allowance 18000 0 18000
Welfare Allowance 5000 0 5000
Total 594000 9600 584400
Deduction Under Section 80 C
P.P.F./ E.P.F. 2000
L.I.P. 32407
Saving Bond
NSC
Repayment of Principal of Home Loan
Infrastructure Bond
5 Year F.D.
ULIP
Total Deduction 34407
Taxable income from Salary 549993
Income From House Property
0
Deduction U/s 24 (b)
Interest paid on repayment of Home Loan 0
Taxable Income from house property 0
Income from Other sources
Total Taxable Income 549993
Computation of Income Tax
Upto 160000 160000 0 0
From 160000 -500000 340000 10% 34000
From 500000-800000 47593 20% 9519
Above 800000 30%
Income Tax 43519
Education Cess 870
SHE Cess 435
Total Tax Deductable 44824
From India, Ramnagar
House rent rembursement is given only at the name of employee in TDS Calculation.
If any employee borrowed housing loan then repayment schedule required
If any body is rent payee then rent agreement required
Particulars Earning Deduction Taxable
Salary 289400 289400
HRA 151250 151250
Conveyance 118350 9600 108750
Childern Education Allw. 12000 0 12000
Special Allowance 18000 0 18000
Welfare Allowance 5000 0 5000
Total 594000 9600 584400
Deduction Under Section 80 C
P.P.F./ E.P.F. 2000
L.I.P. 32407
Saving Bond
NSC
Repayment of Principal of Home Loan
Infrastructure Bond
5 Year F.D.
ULIP
Total Deduction 34407
Taxable income from Salary 549993
Income From House Property
0
Deduction U/s 24 (b)
Interest paid on repayment of Home Loan 0
Taxable Income from house property 0
Income from Other sources
Total Taxable Income 549993
Computation of Income Tax
Upto 160000 160000 0 0
From 160000 -500000 340000 10% 34000
From 500000-800000 47593 20% 9519
Above 800000 30%
Income Tax 43519
Education Cess 870
SHE Cess 435
Total Tax Deductable 44824
From India, Ramnagar
Ya it is acceptable, they can show house rent receipt as investment proof until the employee have their own residence,as per section 10(13A) read with rule 2A ,least of three will be exempted
House Rent allowance (HRA) received.
50% of salary in case of residential accommodation taken on rent is situated in Bombay ,Calcutta ,Delhi, or Madras (Chennai) and 40 % of salary in in any other case.
Rent paid in excess of 10 % of salary.
From India, Gurgaon
House Rent allowance (HRA) received.
50% of salary in case of residential accommodation taken on rent is situated in Bombay ,Calcutta ,Delhi, or Madras (Chennai) and 40 % of salary in in any other case.
Rent paid in excess of 10 % of salary.
From India, Gurgaon
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HRA – House Rent Allowance.pdf