Spirit (Learner) (450 Points)
17 November 2014My Dad receive HRA of Rs.17752[APR-JULY RS.1450, AUG-MARCH RS.1494]
but we pay TO Landlord Rs RS.5000 p.m(without receipt)
Annual Income of Dad's Rs 400000, suggest me how much HRA deduction can we take ??
Swami Ayyappa Nuli
(TAX ADVISOR & CONSULTANT AT G.S.T SUVIDHA CENTER)
(1372 Points)
Replied 17 November 2014
In your case, It would be better if you could get rental receipts. To claim H.R.A exemption, on primafacie there will be no problem even you dont have rental receipts with you but if for any furthur enquiry if A.O insists you should be able to produce rental receipts before him. By considering entire 4,00,000 is only Basic salary income and it is excluding H.R.A, Your dad will get exemption as follows
Rent paid-10% of salary i.e 60000-10% of 4,00,000=60,000-40,000=20,000
Actual H.R.A =17,752
50% of salary=50% of (4,00,000)=2,00,000
Lower of above will get exempted i.e Actual H.R.A = 17,752 (If your dad is in non-metro city then you should consider 40% of salary)
Spirit
(Learner)
(450 Points)
Replied 17 November 2014
| Originally posted by : Nuli Swami Ayyappa | ||
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In your case, It would be better if you could get rental receipts. To claim H.R.A exemption, on primafacie there will be no problem even you dont have rental receipts with you but if for any furthur enquiry if A.O insists you should be able to produce rental receipts before him. By considering entire 4,00,000 is only Basic salary income and it is excluding H.R.A, Your dad will get exemption as follows Rent paid-10% of salary i.e 60000-10% of 4,00,000=60,000-40,000=20,000 Actual H.R.A =17,752 50% of salary=50% of (4,00,000)=2,00,000 Lower of above will get exempted i.e Actual H.R.A = 17,752 (If your dad is in non-metro city then you should consider 40% of salary) |
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Means
Rs- 400000-200000=200000
200000x10%= 20000+3%= 20600(net tax payable) ???
Rajesh Kumar Gupta
(Senior Divisional Manager)
(714 Points)
Replied 17 March 2015
CAclubindia
