Hi,
I was living on rent of Rs 15,000 PM since April 2015 to Dec -2015 (non metro)
Basic salary - 34750
HRA - 17375
What will be my HRA exemption.
How will this be calculate (rent paid - 10% basic)
Will the basic be will also for 9 months
Anupam (Finance Professional) (61 Points)
16 February 2016Hi,
I was living on rent of Rs 15,000 PM since April 2015 to Dec -2015 (non metro)
Basic salary - 34750
HRA - 17375
What will be my HRA exemption.
How will this be calculate (rent paid - 10% basic)
Will the basic be will also for 9 months
CA Mehul Chudasama
(Chartered Accountant)
(618 Points)
Replied 17 February 2016
I Will Assume That Basic Salary And HRA Recived You Have Given Above Is Per Month
List Of The Following Is Exempt As HRA US 10(13A)
1) Actual HRA Received RS. 17375 per month
2) Excess Rent Paid Over 10% of Salary (15000 - 0.10x34750 ) = Rs.11,525/- per month
3) 40% Of Basic Salary (34750 x 0.40) = Rs. Rs.13,900
So List of the bove from point 1 to 3 is Rs.11,525 per month so if you are paying rent for 9 months and getting salary and HRA also for 9 months total Exemption amount is Rs.11,525 x 9 months Rs.103725
Note : if there is any change in rent amount per month or any change in salary amount per month HRA exemption will change accordingly
Anupam
(Finance Professional)
(61 Points)
Replied 17 February 2016
Thanks for the reply.
I moved to my own house for which I got the possession in Dec,
Salary remains the Same
Will this effect the calculation?
CA Mehul Chudasama
(Chartered Accountant)
(618 Points)
Replied 17 February 2016
If You are getting possession and it's registered in the month of December than you have to take only for April To November i.e for 8 Months
CAclubindia
