RENT AGREEMENT

Misuse of PAN for fake HRA claims under I-T dept radar: What should landlord do in case of a fake claim?

Fake HRA Claims: If a tenant is using someone else's PAN to make a fake HRA claim, then without doubt the tenant would get into trouble, however the individual whose PAN was used as a landlord for this fake HRA claim would also get into trouble with the income tax department.

Co-living operator Settl to reach 8,000 beds in FY25

Co-living operator Settl aims to double its capacity to 8,000 beds by FY 25, following impressive growth. With revenue climbing 100%, reaching Rs 33 crore by March 2024, Settl's success reflects the increasing demand for co-living spaces among young professionals in major Indian cities.

Proof of HRA claims of previous years; can you really take it easy after CBDT's assurance of no review of old HRA cases

Rent HRA: The Central Board of Direct Taxes (CBDT) has clarified that there is no special drive to identify fake HRA claims from previous years. However this communication from CBDT should not be taken lightly, because if you have claimed false HRA and evaded income tax then the income tax department is bound to catch you.

Does the new income tax regime suit you? Find out who should move from the old tax regime to the new one

With the start of the new financial year, companies are reaching out to their employees to select the tax regime for 2024-25. This is an important decision because you can do it only once in a financial year. Once you make a choice, your income will be taxed as per the tax structure of that regime

Green office spaces demand in India outpaces supply

​The rise of environmentally conscious tenants in commercial real estate, focusing on decarbonizing their portfolios, has led to a significant surge in demand for sustainable buildings across key Indian property markets, surpassing available supply. As corporations aim for fully green-certified office portfolios, competition among tenants is expected to intensify, resulting in higher rents for property owners. ​

5 HRA tax exemption proofs you must have in case income tax dept asks

HRA tax exemption documents, proofs: House Rent Allowance (HRA) is generally part of an individual's salary structure. To save tax on rent paid during the financial year, an individual can claim exemption on HRA. However, an individual must have certain proofs apart from paying rent to claim HRA exemption and avoid rejection from the income tax department.

HRA tax exemption: HRA fraud with illegal usage of PANs detected by tax dept; how to avail House Rent Allowance, proofs

HRA tax fraud: The investigation by the tax department began when authorities stumbled upon purported rent receipts totaling approximately Rs 1 crore under an individual's PAN. However, upon questioning, the individual disavowed any knowledge of these transactions. Subsequent inquiry revealed that the individual had not actually received the rent attributed to them.

Claiming HRA tax exemption? This is what your rent agreement should include

Rent agreement for HRA tax exemption: Employers must collect supporting documents, such as rent receipts, in order to provide the HRA deduction benefit when calculating TDS on salary. The rent agreement will be considered legally valid if it has the signatures of witnesses, the landlord and tenant, and is notarized as well.

HRA tax exemption: Are both rent receipts and rent agreement a must as income tax proofs?

Documents for HRA tax exemption: To claim HRA from their employers, many salaried employees usually use either rent receipts or rent agreement as proof of the rent paid in a financial year. However, tax experts point out that assessing officer of the income tax department can reject HRA tax exemption claim if any one of the documentary evidence is missing.

Can you claim HRA tax exemption for rent paid to wife, parent or any other relative?

HRA Exemption for rent paid to family member: The Income Tax Act allows an individual to claim HRA tax exemption provided specified conditions are met. However, it may happen that an individual is planning or already paying rent to family member including wife or parents. Here is what tax experts and chartered accountants are saying about claiming HRA tax exemption for rent paid to family member, say wife, parent or brother?

Tata projects rents 120k sq ft office space in Mumbai for HQ

Tata Projects leased 120,000 sq ft office space in Mumbai's Powai suburb at Cignus Powai tower. The evolving commercial real estate market sees new hotspots due to changing workplace norms and firm needs.

Rent agreement clauses that landlord, tenant should add to avoid fights in future

Rent agreement clauses for landlord, tenant: It can happen that the landlord and tenant are unable to add all the clauses to protect their interests in the lease agreement. However, there are certain clauses that should be added in the rent agreement to avoid future disputes. These clauses will help both landlord and tenant as well as protecting their respective interests.

DB Realty to lease out 186 acres in Mira Road to MCGM for Rs 248 cr annual rent

The said land is vacant and undeveloped. From the total land holding of 254.99 acres, land admeasuring 186.52 acres has been offered to the civic body, the company said in a regulatory filing.

Virat Kohli leases out Gurugram space, may get Rs 1 crore a year in rent

According to a person familiar with the deal, Kohli had bought the space about a decade ago and since building recently got completed, he leased the building for rental income.

When is TDS to be deducted from house rent payments to the landlord?

If you are paying a house rent of more than Rs 50,000 per month, then make sure to deduct TDS from such rent and deposit it in the government's account. Further you must also give your landlord a TDS certificate in time, so that he may claim it back or adjust it against his tax liability.

House rent allowance (HRA): Eligibility, calculation, how to avail

To qualify for tax benefit on HRA, the individual should be a salaried employee, should reside in a rented accommodation and pay rent. Here are the key considerations and provisions with respect to HRA and the implications from tax perspective.

Renting a furnished house; Will a separate rent agreement for fixtures help in saving taxes?

House rent: A landlord might be inclined to charge an higher rental for his/her furnished flat as tenants prefer to stay hassle free and in an homely environment with all the amenities. Experts suggest that a landlord create two separate rent agreement-one for the house rent and another for the rent for furnishings- bed, geyser, mattress, etc.

Jio Financial Services launches rental services for laptops, phones, airfiber and other tech devices

Jio Financial Services is introducing Device as a Service (DaaS) as a corporate financing model, allowing companies to lease devices instead of buying them to enhance cash flow and IT fleet management. The company, a carve-out from Reliance Industries, aims to create a new market model for consumer devices by offering finance and operating leases for assets like airfiber, phones, and laptops.

Flaws in measuring housing contribution distorting inflation index: Experts

House rent inflation has been easing since the start of the year and fell to a 19-month low of 3.52% in December, showed data released last week. On the other hand, housing prices have been rising across cities, which experts say should reflect in rent prices.

Soon, you could register your property, will, or rent agreement in any registrar office in Delhi

The Delhi government has unveiled the "Anywhere Registration" scheme, eliminating jurisdictional boundaries across 22 sub-registrar offices. Citizens can choose any office for document registration, addressing long queues and varying demand issues. Nearly 2,000 documents across 28 categories are registered daily. Residents can upload the documents online and seek appointments through new National Generic Document Registration System.

Tenants rights: 6 things you should know if you are living on rent

Rent agreements must have these clauses to protect landlord's rights

To avoid facing a situation of errant tenant, it is important for a landlord to mention these clauses in the rent agreement. These clauses will help to have his/her rights on the ownership of property protected. Along with this, these clauses in lease agreement helps a landlord in ensuring to define responsibility and obligation of both landlord and tenants.

Tenants must get these clauses added in rent agreement to avoid being cheated

"While tenants do not have much bargaining power to negotiate rent agreements, there are some significant clauses they must check or add to the agreement to protect their interests," said Nitin Jain, Partner of Agama Law Associates. Here is a look at some of these clauses.