What is lfa stand for

You can claim tax deductions on it. To optimize the tax-benefits from the HRA exemption, you can split it with your spouse. Rent paid by you to your parents shall be taxable for them.

Income is attributable to them on the basis of their entitlement. Yes, you can claim the HRA exemption by paying rent to your parents. But it is always advisable to have a rent agreement. You would need rent receipts to claim HRA exemption. Also, your parents need to show rental income from you in their income tax return.

Documents like rent receipts, and rent agreement will be required to be submitted to the employer for claiming deduction for house rent allowance. If the payment of rent is more than Rs 1 lakh per annum, then PAN of the house owner will be required to be submitted.

There is bad news for those who forge rent receipts to get tax exemption on housing rent allowance HRA. The limit was Rs 15, per month earlier. HRA exemptions can be availed only on submission of rent receipts or the rent agreement with the house owner. Can I claim HRA for rent paid in a location other than my place of employment? The Income Tax Act section pertaining to HRA does not specify any condition for the place for which the employee can claim the exemption.

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