09 February 2017
HRA exemption is to availed u/s 10(13A). It is not a part of Chapter VI A dedcutions.
Exemption is quantified in Rule 2A of Income Tax Rules, 1962 as under— (a) the actual amount of HRA received by the assessee in respect of the relevant period; or (b) Rent paid in excess of 10% of salary in respect of the relevant period; or (c) an amount equal to— (i) where such accommodation is situate at Bombay, Calcutta, Delhi or Madras, 50% of the amount of salary in respect of the relevant period; and (ii) where such accommodation is situate at any other place, 40% of the amount of salary in respect of the relevant period, whichever is the least.
09 February 2017
HRA exemption is to availed u/s 10(13A). It is not a part of Chapter VI A dedcutions.
Exemption is quantified in Rule 2A of Income Tax Rules, 1962 as under— (a) the actual amount of HRA received by the assessee in respect of the relevant period; or (b) Rent paid in excess of 10% of salary in respect of the relevant period; or (c) an amount equal to— (i) where such accommodation is situate at Bombay, Calcutta, Delhi or Madras, 50% of the amount of salary in respect of the relevant period; and (ii) where such accommodation is situate at any other place, 40% of the amount of salary in respect of the relevant period, whichever is the least.
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