Hra calculation

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Guest

Guest (Querist)

11 July 2012 Dear Experts

Salary received:396000
Hra recd: 180000
Rent paid 192000
person lives in mumbai...
Taxable Income???

CA BHARATH KUMAR

CA BHARATH KUMAR (Expert)
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11 July 2012 1. Can you provide the details of your salary received in depth (latest CTC Copy or payslip)?
2. Basic Salary is require for HRA calculation.
3. Provide the investments details for your salary received to get an deduction by means of tax planning.
4. Do you have an acknowledgement for the rent paid of Rs. 192000. Otherwise,it is taxable income.

CA VISHAL RANA,CS,B.Com,AMFI

CA VISHAL RANA,CS,B.Com,AMFI (Expert)
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11 July 2012 Hra Exemption least from below

1 50% of Salary-33000/2=16500per month
2. Rent paid=16000-3300(33000*10%)=12700pm
3. Hra=15000 per month

Hra Exemption U/s =12700 per month

CAlcultaion of taxable salary

Salary=396000
Hra taxable=27600
(180000-152400)

Net Taxable salary=423600

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