Tax saving Tips #hra pay rent to my parents and claim HRA | exemption to save taxes #incometax

Q: I am living in my parents home can I pay rent to my parents and claim HRA exemption to save taxes..?

Ans: Yes, If you are a salaried person and your parents are the sole owner of your house, you can use this method and can save tax by claiming a deduction under section 10(13A) of Income Tax Act, 1961.

1. You must have rental agreement with them.

2. Property must be owned by your parents and you should not be a co-owner

3. Monthly rent amount must be paid via bank transfer.

4. Rent paid to your parents must me fair as it comes under relationship part transaction.

5. Your parents must declare such rental income in their ITR and pay tax according to slab rates.

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