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Yeah even if any of the parent is co-owner like my mom and dad it's still fine , it's only illegal when you are the owner of the property you are living in . I show over 25k per month rent on my mom and use her pan number who is a housewife, income tax ppl can put that on her , don't care as she doesn't have any earnings. Only way you can get into trouble is if the person you are putting the pan for disputes the claim which obviously mom won't do , in future i plan to put our house in the name of my wife when my parents won't be there and will be putting hra on her name . Fun fact : even minister chidambaram used to file hra on his wife's name.
yes, be sure to legally do the transactions for rent.
Is it necessary to claim only base location address for HRA?
For ex: If my base location is Mumbai and my native is in Varanasi and currently doing wfh from Varanasi, so Can I claim HRA on Varanasi address?
Yes
Some threads were saying that you just pass on the tax to the parent. However if they aren’t earning it would make sense that the ‘rent’ would also be non taxable, correct?
If your salary is quite more than your father, then also you save tax as a whole family. For instance if you earn more than 15lakhs, and your father 6 lakhs. It is wiser to show rent to him. Cause your deductible income will not be in 30% bracket then
But the parent should be owner of the house right ?
Pro
Yup, yup, thats a mandate
If they are a co-owner it's fine ?
Pro
No, if you chose parent woth lower salary as the person who you are paying the rent, the higher earning oare t won't have any tax implications.
How much rent we can give ?
No, You cab only give rent to the oerson who owns it, even his wife will need a signed Registered Power of Attorney to receive rent in his name. But again the ITR will need to be in name of owner (father) only.
If they are co owners unless the wife has a Valid income with which she could actually pay off half of the house, only then it us legal.
Otherwise, you will HAVE to Pay rent to father, and file an ITR in his name showing the Rent paid.
If you don't do this, in case the audit officer gives notice, you will be loosing a hell lot of money in fines for tax evasion straight.
Chief
And if suppose I gave 8333 to my father who is 60+ Do I still need to fill ITR for my Dad because PAN is not mandatory for 8333.
Kindly suggest.
na bhai.. 8333 dene me. you dont have to file for. father..
Can u dm me pleaseee
If I am staying in a PG in a different city, can i still show rent payment on my parents name?
Pro
If your organization allows WFH!!
What is the maximum HRA per month we can show?
Chief
Forget maximum.
You will only get benifit for the HRA component shown in your salary slip.
So whatever is your HRA component just show 10% extra on top of it
Rent agreement is required right ?
Me(primary owner) and My Mom(secondary owner) are the joint owners of my house.Can I claim HRA by stating that I am paying her the rent?
Rising Star
Nope,not when you are the owner!!