Why to Pay Rent to Your Parents
Wondering if You Can Pay Rent to Your Parents?
The Simple Answer is – YES
What is the Advantage of Paying Rent to Your Parents? By Paying Rent You Can Claim Tax Deductions Under HRA
HRA (Home Rent Allowance) is Provided by Your Employer
- It is Part of Your Salary Compensation
- You Must Provide Rent Receipts
- Can be Claimed on Rent Paid to Parents
HRA Cannot be Claimed if You Already Claim Rent Deductions u/s 80GG
A Quick Run Down of How to Claim Tax Deductions on HRA