Calculation of HRA Exemption
This query is : Resolved
21 July 2022
The basic of Mr X is 1 lakh PM. He has paid rent of 120000 (20000 om for 6 month ) for rest of 6 month he worked from home .
While calculating HRA exemption one of criteria is
Rent Paid. 1.20 lakh
Less 1/10 basic 1.20 lakh
12 L /10 .
If 1/10 of whole salary is calculated he is not getting any exemption .
Can he consider 6 months basic ( 6 lakh ) as he has paid HRA of 6 months only . Is this logic is correct ? Then he is getting exemption of 60000 . ( 120000 less 60000 )
Please guide
While calculating HRA exemption one of criteria is
Rent Paid. 1.20 lakh
Less 1/10 basic 1.20 lakh
12 L /10 .
If 1/10 of whole salary is calculated he is not getting any exemption .
Can he consider 6 months basic ( 6 lakh ) as he has paid HRA of 6 months only . Is this logic is correct ? Then he is getting exemption of 60000 . ( 120000 less 60000 )
Please guide
21 July 2022
Yes, that is the correct procedure, provided utility accept it. Get form 16 from employer to that effect, in that case it will be considered.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- House Property Reporting in ITR
- TDS Claim year
- Liable to deduct tds and 44ADA
- Refund of 20%pre-deposit paid for stay application
- Rent lease agreement
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- TDS Challan Code
- Two seprate Invoice needed
- Internship/Academic shown in Salary Pay Slip of a Doctor
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
