Let us look at some of the major benefits of house rent receipt :
A rent receipt format generally includes the name of tenant, landlord, amount paid, the date of payment, address of the rented property, etc.
Yes, Magicbricks lets you generate as many rent receipts as you want at absolutely no charge. Whether you need a receipt for your records or to claim income tax deduction, simply use our Free tool to generate it instantly and download it as PDF.
You don't have to submit your rent receipt every month. However, you must make sure to submit it on a quarterly, half-yearly or yearly basis.
For most salaried individuals, House Rent Allowance (HRA) is part of the salary. However, HRA is not fully taxable. You can claim exemption on some part of your HRA as per Section 10 (13A) of the IT Act. The deduction you can claim is the minimum of:
A rent receipt should contain the following information:
In addition to the above components, you can also include certain other fields in your rent receipt such as mode of payment (cash or cheque or bank transfer), Landlord’s PAN (if required).
In case your annual rent is more than Rs 1 lakh, you need to provide your landlord’s PAN number along with rent receipts to claim HRA tax exemption.