1. Interest & Principal repayment on Home Loan – The principal component of your loan, is included under Section 80C, offering a deduction up to Rs. 1,00,000. The interest portion offers a deduction up to Rs. 1,50,000 separately under Section 24
2.Provide Rent Receipt for HRA - A deduction is permissible under Section 10(13A) of the Income Tax Act, in accordance with Rule 2A of the Income Tax Rules for HRA. You can claim exemption on your HRA under the Income Tax Act if you stay in a rented house and get a HRA from your employer. You need to submit proof of rent paid through rent receipts, duly signed and stamped, along with other details such as the rented residence address, PAN of Landlord, name of the owner, period of rent etc.
- The actual HRA received from your employer
- The actual rent paid by you for the house, minus 10% of your salary (this includes basic + dearness allowance, if any)
- 50% of your basic salary (for a metro) or 40% of your basic salary (for non-metro).