H.R.A. Figureq require for Income Tax
This query is : Resolved
Rajkumar Maheshwari
(Querist)
20 March 2008
a person living in Indore. In Accounting Year 2007-2008 total Salary is Rs. 253000/- (Only Salary). he is not getting house rent allowance from his co.
He is paying Rs. 2700/- per month for House Rent. Total Rent in Accounting Year Rs. 32400/-. I want to know that what will the figure of H.R.A. for Deduction in Income Tax. & how to calculate it. , please help.....
He is paying Rs. 2700/- per month for House Rent. Total Rent in Accounting Year Rs. 32400/-. I want to know that what will the figure of H.R.A. for Deduction in Income Tax. & how to calculate it. , please help.....
20 March 2008
Salary for purpose of HRA
(a) Basic Salary
(b) DA (only if it is for retirement benefits)
(c) Commission (fixed percentage of turnover)
Least of the following
(i) Allowance actually received : Rs.0
(ii) Rent Paid - 10% of salary
32400 - 25300 = Rs.7100
(iii) 40% of salary = Rs.101200
In this case the least figure is Rs.0.
Hence he will not get deduction as he does not get it.
He can claim deduction u/s 80GG .
(a) Basic Salary
(b) DA (only if it is for retirement benefits)
(c) Commission (fixed percentage of turnover)
Least of the following
(i) Allowance actually received : Rs.0
(ii) Rent Paid - 10% of salary
32400 - 25300 = Rs.7100
(iii) 40% of salary = Rs.101200
In this case the least figure is Rs.0.
Hence he will not get deduction as he does not get it.
He can claim deduction u/s 80GG .
20 March 2008
Section 80 GG
Least of the following
(i) Rent paid - 10% of Adjusted GTI
32400-25300=7100
(ii) 25% of AGTI =Rs.63250
(iii) Rs.2000 per month = Rs.24000 per year
He will get Rs.7100 as deduction.
Good Luck.
Least of the following
(i) Rent paid - 10% of Adjusted GTI
32400-25300=7100
(ii) 25% of AGTI =Rs.63250
(iii) Rs.2000 per month = Rs.24000 per year
He will get Rs.7100 as deduction.
Good Luck.
CA. GOPAL SONIKA
(Expert)
20 March 2008
No HRA deduction U/s 10(13) rule 2A
Rajkumar Maheshwari
(Querist)
21 March 2008
Thanks To All of You.
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