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Tax Exemption on House Rent- Owner’s PAN Number on Rent Receipt
Posted on: 08/Jan/2014 11:52:42 AM
The income tax department has released a new order for the tax exemption on house rent. The rent receipt should have the owners PAN number. People staying in big cities can avail the house rent tax exemption till 1 lakh. The house rent receipt is provided by the owners will be in the form of simple paper. Some owners will give the stamped paper receipt.
In order to prevent the faulty rent receipt methodology prevailing, the rent receipt with the house owners PAN number is the valid one and only that will be taken into the account of tax exemption. This strict order is placed for all the organizations by the Income tax department.
Along with this the employees has to mention the Permanent PAN number of the owners and the Address of the owners in an A-4 sized paper and submit to their respective office.
During the CBDT meeting on the house rent tax exemption, these kinds of details are made necessary for getting the tax exemption.
In the August, 2013 circular of the Income Tax department, if the house owners refuse to give their PAN number, then the necessary steps will be taken on them, added by the officer.
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