Kindly intimate whether, there is tax benefit for a retired person staying in a rented house and earning consists of partly from annuities and partly from interest. Whether, the interest earned and annuity received together will be treated as total income for the purpose of calculating tax benefit of paying rent.
What are the conditions required for taking the benefit of rental expenses and how it is calculated?
Yes, the annuity and interest income (thought FDs) earning is considered as his total taxable income. He can claim deductions for his rent under Sec.80GG. Refer below post for the same.