What amount of revenue stamp is required for rent receipt?

Rs. 5000 per receipt
A revenue stamp is required to be affixed on rent receipts if cash payment is more than Rs. 5000 per receipt. If rent is paid through cheque then revenue stamp is not required. The rent receipts for all the months for which you are claiming HRA is required to be submitted.

For what amount revenue stamp is required?

A. In view of the amendment of Schedule I, to the Indian Stamp Act 1899, the one-rupee stamp is required to be affixed on any receipt, the amount or value of which exceeds Rs 5,000.

Is it necessary to affix revenue stamp?

Affixing of revenue stamp is necessary only if the amount on any of the receipt is for more than Rs. 5,000/-.

Where do I affix revenue stamp?

Under section 30 of Indian Stamp Acts 1899, the recipient of above Rs. 5000, shall mandatorily acknowledge the payment with a receipt affixing one Rupee revenue stamp on it as a proof of payment.

Is revenue stamp valid?

BANGALORE: Come August, you won’t need a revenue stamp for any financial transaction in Karnataka. The government has decided to ban revenue stamps (Re 1-Rs 10 denomination).

Is revenue stamp required for Neft payment?

No need to affix revenue stamp on PF claim forms in case of payments through NEFT.

What is the meaning of signing on revenue stamp?

The Revenue Society has defined revenue stamps as ” stamps, whether impressed, adhesive or otherwise, issued by or on behalf of International, National or Local Governments, their Licensees or Agents, and indicate that a tax, duty or fee has been paid or prepaid or that permission has been granted.”

Why revenue stamp is used on receipt?

For every legally permitted transaction a certain amount of revenue is needed to be given to the government. Stamping of receipts or main documents evidencing giving and taking of money also need such revenue and the revenue stamp is affixed in proof of that.

Can rent paid be deducted from income tax?

An individual paying rent for a furnished/unfurnished accommodation can claim the deduction for the rent paid under Section 80(GG) of the I-T Act, provided he is not paid HRA as a part of his salary by furnishing Form 10B.

Is it mandatory to affix revenue stamp to rent receipts?

Generally employer asks for rent receipts on quarterly basis but employee can also provide it monthly, too. Also, affixing revenue stamp is mandatory if the cash payment is more than Rs 5,000. You need not affix revenue stamp if the rent has been paid in cheque.

What is a rent receipt for a rental property?

A rent receipt is a record of the transaction of rent paid by a tenant to his/her landlord. A rent receipt is provided by the landlord upon collecting the rent from the tenant. It can be used for legal matters or tax benefits if you are eligible.

What is the format of rent receipt for HRA exemption?

While rent receipt for HRA exemption does not have a standard format, it should contain basic information, including landlord name, rent amount, address of the rented place, landlord’s PAN details and time period for which rent is received. The rent receipt should be affixed with revenue stamp if the cash payment exceeds Rs 5,000.

Is it mandatory to affix a stamp on receipt above Rs 5000?

Section 2 (2 3) of the Indian Stamp Act 1899 makes it mandatory for affixing of stamp on any receipt as defined therein above Rs 5000.