1 A tax exemption on house rent allowance (HRA) received is available under Section 10 (13A) of the Income Tax Act to individuals.
2 It is a deduction available to a salaried person who has an HRA component as part of his salary package and is staying in a rented accommodation.
3 The exemption for HRA deduction is the minimum of i) Actual HRA received, ii) 50% of salary if living in metro else 40% and iii) Excess of rent paid over 10% of salary.
4 HRA exemptions are only available on submission of rent receipts or the rent agreement with the house owner by the tenant.
5 The rented premises must not be owned by the person claiming the tax exemption. If you stay with your parents and pay rent to them then you can claim that for tax deductions.
1.ICICI Prudential Tax Plan
2.Reliance Tax Saver (ELSS) Fund
3.HDFC TaxSaver
4.DSP BlackRock Tax Saver Fund
5.Religare Tax Plan
6.Franklin India TaxShield
7.Canara Robeco Equity Tax Saver
8.IDFC Tax Advantage (ELSS) Fund
9.Axis Tax Saver Fund
10.BNP Paribas Long Term Equity Fund
You can invest Rs 1,50,000 and Save Tax under Section 80C by investing in Mutual Funds
Invest in Tax Saver Mutual Funds Online -
For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call
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