22 May 2011
It is 40% of (Basic Salary+ DA if considered for retirement benefit)
HRA exemption can be availed under certain conditions- 1. You are residing in a house not belongs to you. 2. You are paying rent for that. 3. Your company is giving HRA to You for meeting the cost of rent. As far as other allowances are concerned you, have to tell that how much allowances are being received by you in each head.