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House rent allowance

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Querist : Anonymous

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Querist : Anonymous (Querist)
15 February 2012 Dear Sir,

I would like to know that how much amount (maximum)exempted from imcometax.HRA fall under which sec? What is the calculation of HRA asper IT rule?
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
15 February 2012 As per section 10(13A) read with rule 2A ,least of following three will be exempted

1.House Rent allowance (HRA) received.
2.50% of salary in case of residential accommodation taken on rent is situated in Bombay ,Calcutta ,Delhi, or Madras (Chennai) and 40 % of salary in in any other case.
3.Rent paid in excess of 10 % of salary.
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