Submission of PAN Particulars of Property owner– Is required. Now you can scroll down below and check complete information relating to ” Submission of PAN Details of Landlord– Is mandatory”
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Submission of PAN Particulars of Proprietor– Is required
For salaried people, among the most common exemption looked for is house lease allowance.
House Rent Allowance is the allowance offered by the company to staff members in order to fulfill the costs towards accommodation.
If you are paying rent and getting HRA allowance monthly, you are qualified for deduction of HRA according to the prescribed limitation of HRA exemption.
Must Read– Documents Needed for PAN Card Application
HRA exemption can be availed as much as least of the following:
1) Real HRA received.
2) Lease paid– 10% of the income.
3) 50% of salary if home lies in Delhi, Mumbai, Kolkata or Chennai.
40% if home is located in other than these cities.
Should Read– Guidelines for Filing PAN Card Correction Type
Submission of Land Lord’s PAN information:
Before the issue of CIRCULAR NO. 8/2013, by CBDT the if the assesses pay Rs. 1,80,000 p.a or Rs. 15,000 monthly or above as rent then they have to send the PAN details f their property owner to employer in order to avail the HRA deduction.
However the Above stated circular brought by CBDT made it compulsory to send the PAN information of Property owner if the rent paid is Rs.1 lakh p.a or Rs.
Must Read– Lost your Pan Card?
If Landlord does not have PAN?
In case the proprietor does not have PAN, staff member should submit a statement mentioning the very same together with the property owner’s information.
Landlord has to include this rental income while submitting his return of earnings. If he stops working to submit the information of this income in the return then he should be prepared to deal with the tight spots that occur if department comes for scrutiny.
Should Check Out– PAN Card Status, PAN Name By PAN No, Know Your PAN
However, employees who get HRA approximately Rs. 3,000 each month are not required to submit invoices for proof of rent paid.
Violation of rule causes?
The files needed to be submitted under this guideline should reach the income tax department on or before February month ending of next fiscal year. If it’s not the case, the HRA deduction provided will be reversed and the whole HRA amount will be contributed to the total earnings of assesses.