Component of HRA in Salary
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 April 2011
What is the maximum componet of HRA in a monthly salary of a employee
Is there any ceiling as per IT Act 1961 ?
If there is no ceiling than how much can be the component of HRA in a salary of Rs.30000/- PM
Is there any ceiling as per IT Act 1961 ?
If there is no ceiling than how much can be the component of HRA in a salary of Rs.30000/- PM
25 April 2011
there is no specific ceiling in Income tax,but there is exemption limit on HRA received that is 40% on basic non metro cities and 50% on basic metro cities
Generally based on HRA exemption in Income tax the HRA also will be decided
Generally based on HRA exemption in Income tax the HRA also will be decided
26 April 2011
no limit for HRA in income tax act
but it can be exempt max 40% or 50% of basic for non-metro and metro city respectively. So companies normally give HRA 40% or 50% of basic. So that employee get maximum benefit, rest can be divided in other exempt allowances.
but it can be exempt max 40% or 50% of basic for non-metro and metro city respectively. So companies normally give HRA 40% or 50% of basic. So that employee get maximum benefit, rest can be divided in other exempt allowances.
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