1. What is Form 10BA?

Form 10BA is a document that needs to be filled by an individual who is claiming a deduction under section 80GG of the Income Tax Act. This form is utilized to claim tax benefits for the rent paid when HRA (House Rent Allowance) is not a part of the salary.

2. Who is eligible to fill Form 10BA?

Individuals who are salaried employees and do not receive HRA as a part of their salary can fill Form 10BA to claim tax benefits for the rent paid.

3. Where can I find Form 10BA online?

Form 10BA can be easily found and downloaded from the official website of the Income Tax Department or can be obtained from tax preparation websites.

4. What information is required to fill Form 10BA?

To fill Form 10BA online, you will need the following information:
– Your personal details such as name, PAN number, and address
– Details of the property for which you are paying rent, including the landlord’s name and address
– Total amount of rent paid during the financial year
– Declaration stating that the individual does not own any residential accommodation
– Any other supporting documents, if applicable.

5. How do I fill out the personal details section in Form 10BA?

In the personal details section of Form 10BA, fill out your full name, PAN (Permanent Account Number) details, address, and contact information accurately.

6. What should I mention under the head “Declaration that the individual does not own residential accommodation”?

In this section, you need to declare that you do not own any residential accommodation in the city/town where you are employed, own property in any other place for which you are claiming HRA, or live with a family member who owns residential accommodation in that place.

7. How do I provide details of the rented property in Form 10BA?

Under this section, mention the landlord’s name, address of the rented property, and the period for which you rented the property. Make sure to provide correct information.

8. What documents should I submit along with Form 10BA?

While filing Form 10BA online, you are not required to submit any additional documents. However, it is advisable to keep the rent receipts as supporting documents in case they are requested for verification.

9. Can I claim tax benefits for the rent paid if I live in a non-metro city?

Yes, individuals residing in metro and non-metro cities can claim tax benefits for the rent paid, as long as the specified conditions under section 80GG are fulfilled.

10. What is the maximum limit for claiming tax benefits under section 80GG?

The maximum limit for claiming tax benefits under section 80GG is Rs. 5,000 per month or 25% of the total income, whichever is lower.

11. Is Form 10BA applicable to self-employed individuals?

Form 10BA is not applicable to self-employed individuals. It is specifically for salaried employees who do not receive HRA as a part of their salary.

12. How do I calculate the tax exemption for rent paid without HRA?

To calculate the tax exemption for rent paid without HRA, deduct the lower of the following from the total income:
– Actual rent paid minus 10% of total income
– 25% of total income
– Rs. 5,000 per month.

13. Can I claim tax benefits for rent paid to a family member?

No, you cannot claim tax benefits for rent paid to a family member. The landlord for whom rent is being paid should not be a relative.

14. Can I claim HRA and still fill Form 10BA?

No, Form 10BA is specifically for individuals who do not receive HRA. If you are eligible to receive HRA, you should not fill Form 10BA.

15. Can I claim tax benefits for multiple rented properties?

Yes, you can claim tax benefits for multiple rented properties, provided the specified conditions under section 80GG are fulfilled for each property individually.

16. Is it mandatory to submit Form 10BA along with my income tax return?

No, it is not mandatory to submit Form 10BA along with your income tax return. However, it is advisable to keep the form and relevant documents for future reference or if requested by the Income Tax Department.

17. Can I make changes to Form 10BA after submission?

Once Form 10BA is submitted, changes cannot be made to the form. Therefore, it is essential to review the form before submission to ensure accuracy.

18. What is the due date for filing Form 10BA?

Form 10BA should be filed along with your income tax return, which is generally due by July 31st of the assessment year.

19. Can I claim tax benefits for rent paid if I am living in a house owned by my spouse?

No, you cannot claim tax benefits for rent paid if you are living in a house owned by your spouse. Ownership by a spouse disqualifies the claim for tax benefits.

20. Can I claim both HRA and tax benefits under section 80GG?

No, you cannot claim both HRA and tax benefits under section 80GG simultaneously. Form 10BA is specifically for individuals who do not receive HRA.

21. What happens if I do not submit Form 10BA but still claim tax benefits for rent paid?

If you do not submit Form 10BA but claim tax benefits for rent paid, the Income Tax Department may ask for clarification or supporting documents to verify the claim. It is essential to provide accurate information and meet the required criteria.

22. Can I claim tax benefits for rent paid if I live with my parents?

No, you cannot claim tax benefits for rent paid if you live with your parents. Under section 80GG, you can only claim the deduction if you do not own any residential accommodation.

23. Can I use Form 10BA for claiming tax benefits for a Home Loan?

No, Form 10BA is not applicable for claiming tax benefits on a Home Loan. It is specifically for individuals who do not receive HRA and pay rent for accommodation.

24. Can I claim tax benefits for rent paid without submitting rent receipts?

While it is not mandatory to provide rent receipts along with Form 10BA, it is advisable to keep them as supporting documents in case they are requested for verification by the Income Tax Department.

25. What should I do if I made a mistake on Form 10BA after submission?

If you have made a mistake on Form 10BA after submission, you cannot make changes to the form. However, you can rectify the mistake by submitting a revised form and informing the Income Tax Department about the error.