Exemption for house rent paid

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kripal

kripal (Querist)
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18 June 2013 Please guide for house rent exemption & what are the limit and conditions

thanks

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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18 June 2013 In case you are receving HRA from your employer you can calculate the HRA exemption u/s.10(13A)

Limit is least of the below
Actual HRA received
50 percent of basic salary (for metro 10% for non metro cities)
Excess of rent paid over 10 percent of salary.

If you are not receiving any HRA from your employer or self employed you can claim Deduction u/s.80GG for rent paid by you

80GG limits

Least of the below

Rs.2500 per month
25% of total income
Actual rent paid less 10% of total income

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