In case you reside in a rented property, you could incorporate the component of HRA into your salary. This would enable you to cut your tax bill phenomenally.
Generally salaried individuals have a doubt in their mind as to whether they could avail of HRA benefit if they have a house property.
Here it has to be noted that HRA benefit is available even if you have an owned house property subject to the condition that you should not be staying in that house property and are actually staying in a rented property due to reasons of employment.
Also read: Section 80C, tax planning and investments
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