How to take benefit of hra
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 September 2014
SIR
I AM LIVING IN A RENTED HOUSE AND MY MONTHLY RENT IS 8700/- P.M . AS I KNOW I HAVE RELAXE OF RS 2000/- P.M UNDER SECTION 80GG OF INCOME TAX ACT. AND I AM GETTING 7500/- HRA IN MY SALARY HOW TO TAKE BENEFIT IN INCOME TAX.
THANKS
MUKESH KUMAR
I AM LIVING IN A RENTED HOUSE AND MY MONTHLY RENT IS 8700/- P.M . AS I KNOW I HAVE RELAXE OF RS 2000/- P.M UNDER SECTION 80GG OF INCOME TAX ACT. AND I AM GETTING 7500/- HRA IN MY SALARY HOW TO TAKE BENEFIT IN INCOME TAX.
THANKS
MUKESH KUMAR
27 September 2014
Yes you can take the benefit.
Least of the following is exempt.
1. Actual house rent allowance received from your employer
2. Actual house rent paid by you minus 10% of your basic salary
3. 50% of your basic salary if you live in a metro or 40% of your basic salary if you live in a non-metro.
Least of the following is exempt.
1. Actual house rent allowance received from your employer
2. Actual house rent paid by you minus 10% of your basic salary
3. 50% of your basic salary if you live in a metro or 40% of your basic salary if you live in a non-metro.
CA vandana goyal
(Expert)
27 September 2014
As per the Indian income tax law, the HRA exemption should be calculated as the least of the following.
1. Rent paid in excess of 10% of basic salary.
2. Actual HRA received by the employee.
3. 40% percent of basic salary, if the location of the residence is in a non-metro city/town or 50% of basic salary, if the location of the residence is in a metro city
1. Rent paid in excess of 10% of basic salary.
2. Actual HRA received by the employee.
3. 40% percent of basic salary, if the location of the residence is in a non-metro city/town or 50% of basic salary, if the location of the residence is in a metro city
27 September 2014
You can claim HRA benefit by submitting Rent receipts to your employer, exemption will be directly granted in Form 16.
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