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To claim HRA from their employers, many salaried employees usually use either rent receipts or rent agreement as proof of the rent paid in a financial year. However, tax experts point out that assessing officer of the income tax department can reject HRA tax exemption claim if any one of the documentary evidence is missing.
"While tenants do not have much bargaining power to negotiate rent agreements, there are some significant clauses they must check or add to the agreement to protect their interests," said Nitin Jain, Partner of Agama Law Associates. Here is a look at some of these clauses.
To avoid facing a situation of errant tenant, it is important for a landlord to mention these clauses in the rent agreement. These clauses will help to have his/her rights on the ownership of property protected. Along with this, these clauses in lease agreement helps a landlord in ensuring to define responsibility and obligation of both landlord and tenants.
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