Rent Agreement: Many people in the country live on rented houses. If you also live in a rented house then you must get a rent agreement made. Rent agreement helps you a lot in investment along with tax benefits. You should take special care of some things before making the rent agreement. Read the full news..
Every person dreams of his own house. Many times due to some reason one has to live in a rented house. For example, if a person goes from one city to another for job, he lives in a rented house. It has become mandatory to have a rent agreement to live in a rented house.
You should keep some things in mind before making the rent agreement.
Rent
Whenever you make a rent agreement, you must check your rent once. The rent agreement should contain information about your monthly rent. In such a situation, the owner cannot increase the rent arbitrarily. Apart from this, there should also be information in the agreement as to what percentage the rent will be increased every year.
Old tax regime
If you do not get the benefit of tax benefit in the rent agreement. In the old tax regime, tax benefits were available through rent agreements under Income Tax Act 10(13A). You have to submit your salary slip to avail the tax deduction. You get tax exemption only according to the proportion of HRA.
Include bill payment
You should always read the terms and conditions included in the rental agreement carefully. You must check the agreement to see which bills are included in it. You must check the payment of these bills.
Repair and Maintenance
Whenever you make a rent agreement, you must check about repairs and maintenance in it. You should also take special care of how much security you have to give to the landlord before shifting to the rented house.
