HRA
This query is : Resolved
24 January 2010
Dear Sir
I shall be highly obliged for your reply to my query about HRA. My total annual salary is 7 lakh. To claim HRA exemption, how much House Rent Receipt will be required? I have received 143000 HRA. Will I require to submit House Rent Receipt of Rs. 18000 p.m. for full exemption of HRA? Best Regards
I shall be highly obliged for your reply to my query about HRA. My total annual salary is 7 lakh. To claim HRA exemption, how much House Rent Receipt will be required? I have received 143000 HRA. Will I require to submit House Rent Receipt of Rs. 18000 p.m. for full exemption of HRA? Best Regards
24 January 2010
HRA received exemption is available for minimum of these:
1. equal to 50% of salary (if house is situated at Bombay, Calcutta, Delhi or Madras) otherwise 40% of salary
2. HRA received
3. excess of rent paid over 10% of salary
Here salary means basic salary + dearness allowance + commission based on fixed percentage of turnover achieved as per terms of contract of employment.
so, your total salary is not relavent. calculate the amount on the basis of these conditions and submit rent receipt
1. equal to 50% of salary (if house is situated at Bombay, Calcutta, Delhi or Madras) otherwise 40% of salary
2. HRA received
3. excess of rent paid over 10% of salary
Here salary means basic salary + dearness allowance + commission based on fixed percentage of turnover achieved as per terms of contract of employment.
so, your total salary is not relavent. calculate the amount on the basis of these conditions and submit rent receipt
25 January 2010
just want to add one more thing to above. please submit actual rent receipt not a forged one.
25 January 2010
agree with experts
25 January 2010
Agree with experts
26 January 2010
Agree
29 January 2010
u/s 10(13A) of the Income Tax Act, 1961 read with rule 2A, least of the following three will be exempted:
1. HRA actually received
2. Rent paid exceeding 10 % of salary
3. Upto 50 % of salary in case of Metro cities and Upto 40 % of Salary in case of other cities
Here, Salary means Basic Salary, DA (if given under the terms of employment i.e. it enters for retirement benefits), Commision based on fixed percentage of turnover.
regards,
CA Jatin Bansal
1. HRA actually received
2. Rent paid exceeding 10 % of salary
3. Upto 50 % of salary in case of Metro cities and Upto 40 % of Salary in case of other cities
Here, Salary means Basic Salary, DA (if given under the terms of employment i.e. it enters for retirement benefits), Commision based on fixed percentage of turnover.
regards,
CA Jatin Bansal
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Off Market debit and credit transaction
- Itr 1 processing
- ITR 2 Short Term gain & Long term gain
- Reporting Income under Section 44ADA
- Showing Gift from relative in ITR for this year
- ITR 1: Details for showing Exempt Income
- ITR returnFY25-26
- Share accounting-->fifo - capital gain - period as per fifo?
- Short Term Capital gain on shares bought and sold after 2018 onwards
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR validation error - Balance sheet is not filled
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
