House Rent Exemption
This query is : Resolved
KAMAL SETHI
(Querist)
04 February 2009
Please clarify. For the purpose of Calculating HRA exemption out of three considerations , for an employee living in rented apartment at Bangalore, 50% of the Basic should be considered or 40%. Since Bangalore is a Metro City.
Thanks
Thanks
VINAYAK D PRABHU
(Expert)
04 February 2009
Hi,
Since Income Tax Act has not been updated as regards the entry of Bangalore as a Metro city in HRA related section, it is not possible to take 50%.
Since Income Tax Act has not been updated as regards the entry of Bangalore as a Metro city in HRA related section, it is not possible to take 50%.
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