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PANKAJ SHARMA

PANKAJ SHARMA (Querist)
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16 July 2014 I have a house in Delhi. Can I claim HRA for my own house. Is the HRA receivable is fully taxable ?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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16 July 2014 The rented premises must not be owned by assessee. In case assessee stays in his own house, nothing is deductible and the entire amount of HRA received is subject to tax. As long as the rented house is not owned by the assessee, the exemption of HRA will be available up to the the minimum of the following three options:
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.

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