Calculaltion of house rent receipt

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Querist : Anonymous

Querist : Anonymous (Querist)

15 January 2012 WOULD LIKE TO KNOW THE HOUSE RENT CALCULATION FORMAT WHILE COMMUTING THE INCOME TAX FOR THE INDIVIDUALS

O.D.SHARMA

O.D.SHARMA (Expert)
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15 January 2012 Hi,
There is no format.This depends on the rent
1) You receive
2) 50/40 % of basic depends on city
3) paid excess to 10% of basic
Minimum is tax free/Exempt

Vineet Goyal

Vineet Goyal (Expert)
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15 January 2012 Minimum of the following is exempt

1. HRA actually received.
2. Rent paid over 10% of salary
3. 50% of salary if resident is in Delhi, Mumbai, Kolkata or Chennai. Otherwise 40% of salary.

Salary above means Basic plus DA if forming part of retirement benefits.

You will have to do reverse calculation for calculation rental amount for rent receipt.

If you can provide me the complete salary structure to me, I will do it for you.