In
the run up to the Budget 2024, there are expectations galore that the finance
ministry could perhaps raise some of the exemption limits, which would reduce
the tax burden.
Among tax exemptions, one of the important ones is house rent allowance (HRA)
which one can claim regardless of who owns the house. In other words, even if
the house is owned by your spouse, you can claim a house rent allowance so long
as it is part of your salary.
Notably, the HRA exemption is not permitted in the new tax regime. So, in case
you want to claim the tax exemption for rent allowance, you must stick to the
old tax regime only.
If you want to know more on HRA exemption, understand the key exemptions here
as follows.