Ceiling limite of house rent allowance
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 July 2014
Can I deduct house rent allowance from my salary income. If yes than how much and under which section. As such i am paying this house rent to my mother since last 3 year. but never take any deduction on this account. I hear from my friend that I am eligible for deduction on this. Kindly clarify.
26 July 2014
The rented premises must not be owned by you.
In case assessee stays in his own house, nothing is deductible and the entire amount of HRA received is subject to tax. As long as the rented house is not owned by the assessee, the exemption of HRA will be available up to the the minimum of the following three options: 1) Actual house rent allowance received from your employer 2) Actual house rent paid by you minus 10% of your basic salary 3) 50% of your basic salary if you live in a metro or 40% of your basic salary if you live in a non-metro.
In case assessee stays in his own house, nothing is deductible and the entire amount of HRA received is subject to tax. As long as the rented house is not owned by the assessee, the exemption of HRA will be available up to the the minimum of the following three options: 1) Actual house rent allowance received from your employer 2) Actual house rent paid by you minus 10% of your basic salary 3) 50% of your basic salary if you live in a metro or 40% of your basic salary if you live in a non-metro.
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