Wednesday, September 24, 2014

HRA Self Declaration format if Landlord does not have PAN Card

HRA( House Rent Allowances) Self Declaration format if Landlord does not have PAN Card. As per new rules  PAN number of Land Lord has become Mandatory to mention in the HRA Declaration Form if the Monthly Rent Amount is greater than Rs.8,333/- .As per income tax House Rent Allowance is exempted under income tax section 10 for the Financial year 2014-15 Assessment year 2015-16.

In case if the Land Lord Pan is not available or Land lord is not ready to provide the PAN Details , then LAN Lord has to provide a self declaration form stating the same.  Self declaration from house owner or landlord is required when the PAN Card is not available.

Note: Landlord's PAN details required for HRA income tax exemption u/s 10.

If you are claiming Income tax exemption for HRA , you have to provide original rent receipts signed by your house owner. Even a Plain paper should also be fine. But the declaration should clearly indicate the complete address of house given for rent, Amount collected every month and address of the house owner , name of the house owner and Signature of house owner.

Questions  Asked Recently:
  • Can i claim both HRA and TAX benefit on interest paid on loan if I stay in same city fy 2014-15 ay 2015-16 
  • HRA and Home loan exemption while owning multiple properties 
  • What Income Tax Return form should I fill up to claim HRA 
  • Can HRA and Housing Loan can be given in tax declaration

Note: As per new income Tax Laws: Landlord PAN is mandatory to claim HRA exemption if monthly Rent is more than Rs.8333/-  .Self declaration from the Landlord will not be considered for tax benefits.

Rent Receipt should contain
  • Rent paid for the period
  • Name and signature of landlord   
  • Rental agreement is mandatory if the rent amount is  greater than Rs.24,999/-.      
  • Complete address of the property       
  • PAN of Landlord (in case rent is  more than Rs.8,333/-   per month).            

Revenue stamp to be affixed for rent paid in cash more than Rs.4,999/-per month  (revenue stamp is not applicable to employees staying in karnataka state)

Employees, who have joined the company in between the year i.e. after 1st Apr 2014, should submit Rent Receipt only for the period with the current employer (from Date of Joining  till the proof submission month).

Rent Receipt non editable format is also attached for your reference.

1 Rent Agreement alone without rent receipts
2 Rent Receipt without PAN no for more than rent of Rs. 8,333/- per month
3 Rent Receipt without revenue stamp for any rent paid in cash  more than Rs. 4,999/- per month. "

If Loss on self-occupied property is claimed for the same period and same City/Metro/NCR, then HRA rent  is disallowed for the overlapping period

Maintenance and electricity charges are not considered. Only actual rent paid will be considered
Photocopies of rent receipts.

RENT RECEIPT (For Tax Benefit u/s 10(13) of IT Act’1961)
Employee ID
Employee Name
Pan of the Landlord *
Address of the rented Property
< Please mention Complete Address Here>

STATE:              PIN CODE: 
Received with thanks from Mr./Ms.< Your Name>
sum of Rs. < Rent Amount>
(Rupees ......only)
towards the rent of the above mentioned residential premises for the month of ……………….
……………………...................................................2014/ 2015 by cash/ Cheque No................
dated................. Drawn on............................. Bank.
Address of the Landlord :
Name of the Landlord
*(PAN of Landlord is mandatory is if the monthly rent amount greater then Rs.8,333/-.)
Please affix Revenue Stamp.

1 comment:

  1. This year exemption under 80C is increased to 1.5lakhs. Still the guideline is not updated for the same, even last year the amount given above was Rs.8333/pm. For this year it should be 150000/12 Right?