Hra calculation

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 February 2013 Dear Sir,

I am filling my income tax salary return. I have no any investment. So, i am thinking that i should take exemption of HRA. But unfortunately I don't know how to calculate it actually. Do you help me to solve the same.
basic salary = 6600
DA = 0
TPT Alw = 800
oth = 15564
HRA Receive from co = 4036/- p/m

total 27000/-

But House rent paid by me = 5000/- p/m
Then how amount, which i can take exemption in incometax return.

Regards,
Rahul Kumar Mehra

CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)
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17 February 2013 your exemption amount depend on the place where you resides

HRA is subject to lower of the 3 and its 1st condition is
An amount equal to 50 per cent of salary, where residential house is situated at Mumbai, Kolkata, Delhi or Chennai and an amount equal to 40 per cent of salary, where residential house is situated at any other place.

Lower of the below
(i) 106387 or 132984
(ii) 48432
(iii) 33403

it is Rs.33403/- so Rs.15029/- is taxable

1.provided you have been in rented house for the whole year

and also provided these monthly amounts are same through out the year.

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