Calculation of hra in itr -indv.
This query is : Resolved
12 February 2012
DEAR SIR,
MY TAX CALCULATION & HRA CACULATION FOR
F.Y.2010-2011
F.Y.2011-2012 & OF
THE METRO AND NON METRO CITY BASIS
BASIC SALARY - 30000/-PM
HRA(FROM COMP.) - 10000/-PM
D.A. - 3000/-PM
TELEPHONE ALL. - 1000/-PM
CHILDREN EDU.ALL. - 1000/-PM
CONVEYANCE ALL. - 3000/-PM
SPECIAL ALL. - 2000/-PM
________________________________
TOTAL - 50000/-PM
--------------------------------
HRA CALCULATED IF
1-RENT PAID 15000/-PM WITH RECT./AGREEMENT.
2-WITHOUT RECT.
3-INVESTMENT U/S 80C 112000/-(LIC-21000/-,LOAN PRINCIPAL PAYMENT-80000/-PA.TUTION FEES 11000/-PA)
4-PYMNT U/S 24(2) INTT.ON LOAN 2NAME-60000/-
5-PAYMENT U/S 80 MEDICLAIM POLICY 18000/-PA
6-NO OTHER PERKS RECD. DURING THE YEAR.
MY TAX CALCULATION & HRA CACULATION FOR
F.Y.2010-2011
F.Y.2011-2012 & OF
THE METRO AND NON METRO CITY BASIS
BASIC SALARY - 30000/-PM
HRA(FROM COMP.) - 10000/-PM
D.A. - 3000/-PM
TELEPHONE ALL. - 1000/-PM
CHILDREN EDU.ALL. - 1000/-PM
CONVEYANCE ALL. - 3000/-PM
SPECIAL ALL. - 2000/-PM
________________________________
TOTAL - 50000/-PM
--------------------------------
HRA CALCULATED IF
1-RENT PAID 15000/-PM WITH RECT./AGREEMENT.
2-WITHOUT RECT.
3-INVESTMENT U/S 80C 112000/-(LIC-21000/-,LOAN PRINCIPAL PAYMENT-80000/-PA.TUTION FEES 11000/-PA)
4-PYMNT U/S 24(2) INTT.ON LOAN 2NAME-60000/-
5-PAYMENT U/S 80 MEDICLAIM POLICY 18000/-PA
6-NO OTHER PERKS RECD. DURING THE YEAR.
12 February 2012
HRA calculation based on your HRA received and Basic+da and rent paid
so your given details
1.40% Salary Rs.13200(33000x40%)
2. Actual HRA Rs.10000
3.Excess of Rent over 10% salary Rs.11700(15000-3300)
so minimum of these Rs.10000 HRA exempted
Metro means 50% basic Rs.16500, but exemption is same Rs.10000 only
2. If No receipts - Exemption is Rs.Nil
All other criteria will not effect the HRA calculations
Only if you are staying own house and claiming housing interest then HRA cannot claim
so your given details
1.40% Salary Rs.13200(33000x40%)
2. Actual HRA Rs.10000
3.Excess of Rent over 10% salary Rs.11700(15000-3300)
so minimum of these Rs.10000 HRA exempted
Metro means 50% basic Rs.16500, but exemption is same Rs.10000 only
2. If No receipts - Exemption is Rs.Nil
All other criteria will not effect the HRA calculations
Only if you are staying own house and claiming housing interest then HRA cannot claim
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