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Showing posts from December, 2022

Does the Government Check Rent Receipts for Income Tax Returns?

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If you are living in a rented house and paying rent, you may be eligible for a tax deduction on the House Rent Allowance (HRA) component of your salary. As a taxpayer, it is important to ensure that you are taking advantage of all the deductions and exemptions that you are eligible for in order to reduce your tax burden and increase your disposable income. One common question that arises in this context is whether the government checks rent receipts for income tax returns and whether why rent agreement is necessary to claim. Let's find out. Importance of Rent Receipts Rent receipts are important documents that serve as proof of the rent paid by the tenant to the landlord. These receipts are typically issued by the landlord at the time of payment of rent and contain details such as the name of the tenant, the name of the landlord, the amount of rent paid, the type of rental agreement for which the rent is paid, and the mode of payment. Rent receipts are important for a number of r

Who Should Bear The Cost Of Rent Agreement

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Rental agreements are a common feature of the modern housing market, with many individuals and families choosing to rent their homes rather than purchase them. One question that often arises in the context of rental agreements is who should bear the cost of the agreement. So Who Should Be Responsible For Paying The Cost Of The Rent Agreement? There are a few different ways to approach this question, but one possible answer is that the cost of the rental agreement should be shared between the landlord and the tenant. This approach recognizes that both parties have a stake in the agreement, and that each party has certain obligations and responsibilities under the terms of the agreement. Landlord For the landlord, this means bearing the cost of maintaining the property and making any necessary repairs or improvements. It also means providing the tenant with a safe and habitable living space, as well as complying with any local regulations or laws governing rental properties. Tenant For

Is Rent Agreement Valid Without A Notary?

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A Rent agreement, also known as a contract, is a legally binding document that outlines the terms and conditions of a relationship between two or more parties. In order for a rent agreement to be considered valid, it must meet certain requirements, such as being made in good faith and with the intention to create a legally binding relationship. One question that often arises when it comes to rent agreements is whether or not they must be notarized in order to be considered valid. The short answer is that notarization is not always required for a rent agreement to be considered valid, but it can be helpful in certain situations. When is Notarization Required? In some cases, state laws or regulations may require that certain types of rent agreements be notarized in order to be considered valid. For example, real estate in India transactions, such as the sale of a home or the transfer of property, often require notarization. In these cases, the notary acts as an impartial witness to the

How Long Can A Tenant Stay After The Lease Expires?

  In India, the duration of a tenancy is usually governed by a written rent agreement between the landlord and the tenant. However, what happens when the lease expires and the tenant continues to stay in the rented property? Can the tenant remain in the property indefinitely, or is there a time limit on how long they can stay? Here is a breakdown of the rules surrounding tenancy after the expiration of a lease in India. Legal Provisions For Tenancy After The Expiration Of A Lease Under the Indian Rent Control Acts, the landlord has the right to evict the tenant from the property upon the expiration of the lease agreement. However, the tenant has the right to remain in the property as a "statutory tenant" if they continue to pay rent and do not cause any damage to the property. A statutory tenant has the same rights and obligations as a regular tenant, including the obligation to pay rent and maintain the property in a good condition. The statutory tenancy continues until the

Can We Break Rent Agreement?

  Renting an apartment or home is a common housing arrangement in India. However, there may come a time when a tenant wants to break their rental agreement and move out before the contract period is up. In such cases, can a tenant break their rental agreement in India? Under Indian law, a rental agreement is a legally binding contract between a landlord and a tenant. This means that both parties are expected to uphold the terms of the agreement, including the duration of the tenancy and the amount of rent to be paid. However, we highly recommend you not to break your rental agreement and stay in your rented apartment till your rent agreement expires . But what if the rent agreement is expired? You just simply need to renew your rent agreement with mutual understanding with your landlord. How Can We Break Rent Agreement without Facing Legal Action? However, there are certain situations in which a tenant may be able to break their rental agreement without facing legal consequences. The