Note: *Rent receipt with revenue stamp in cases where the cash payment is more than Rs 5,000 per house rent receipt. -Medium of payment (cash, cheque, online payment).Rents receipts must carry the details as under: In any case, you have to collect rent receipts from your landlord to claim HRA deductions. Since most transactions take place online these days, you might be paying your rent through credit card or other online money transfer channels. Rent receipt for income tax deductions is important. To claim house rent allowance (HRA), the HR department in your office will ask you to submit house rent receipts to your employer before the end of the financial year. The rent receipt will also act as a legal proof of the rent payment in case of a dispute between the two parties. Rent receipt for income tax helps you claim tax benefits. A proof that the tenant has paid the rent, the rent receipt is provided by the landlord after collecting the rent. What is a house rent receipt?ДЄ house rent receipt acts as a documentary record of your rent payment. Unless you provide the rent receipts for income tax to your HR department at the time of investment proof submission, a substantial chunk of your salary might get deducted in taxes. That is when the need to produce house rent receipt or a rent slip arises. However, to claim the deductions, the tenant in question will have to prove a proof of making these payments. Those who spend a substantial part of their annual income in rent payments are also qualified to claim deductions against the annual payment under various sections of the tax law. However, the same law also allows them a variety of deductions against the expenses made towards specific instruments. Those earning an income in India, salaried individuals as well as business professionals, are liable to pay taxes on their annual income under the income tax law. Any misinformation and missing information in the rent receipt would amount to it becoming null and void.Be advised that the tax exemption is calculated on the basis of the amount mentioned in the rent receipt, even if your employment pays you a higher payment towards HRA.For the purpose of HRA claim, salary will include your basic salary and dearness allowance only.Consequently, your employer will be bound to deduct TDS according to your tax bracket.

In case you fail to do so, you will not be able to claim HRA. You may have to provide a copy of your landlord's PAN in case the yearly rent exceeds Rs 1 lakh or Rs 8,300 monthly, aside from mentioning the number in the rent receipt.In case the payment has been made through a cheque, the revenue stamp is not required. You will have to affix a revenue stamp on the rent receipt if the cash payment is more than Rs 5,000 per receipt.However, receipts for all the months, for which you are claiming HRA, must be submitted.

It could be on a quarterly, half-yearly or an annual basis.

You don't have to submit rent receipts for each month.

The tenant will have to share the rent receipts with his employer in order to claim HRA exemption if he pays a monthly rent exceeding Rs 3,000.

Even then, creation and submission of rent receipts is necessary.

In case you pay the rent through net-banking or other online channels, your payment history would also act as a proof of the payment.

Rent receipts