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Hra clarification

This query is : Resolved 
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(Querist)
25 May 2013 SUPPOSE A EMPLOYEE IN LUDHIANA IS RECEIVING BELOW MENTIONED SALARY

BASIC 15000
HRA 8000
CONVEYANCE 2000

NOW HE HAS PAID RENT OF 5000 PER MONTH FOR 7 MONTHS. PL TELL HOW TO CALCULATE EXEMPTION

40% OF BASIC (IN THIS CASE 7 MONTHS OF BASIC) 15000*7*40/100=42000

HRA RECEIVED :- 8000*7=56000 (WILL IT BE FOR 7 MONTHS OR 12 MONTHS CONFIRM)

EXCESS OF RENT PAID OVER 10% OF SALARY
35000-(15000*7)*10/100=24500

EXEMPTION 24500

PL TELL WHETHER METHOD(ALL THREE PARTS IS CORRECT.

WHETHER HRA RECEIVED SHOULD NOT BE FOR 12 MONTHS OR 7 MONTHS IS CORRECT

PL CLARIFY

THANKS & REGARDS
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Rupesh Jain

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Rupesh Jain (Expert)
28 May 2013 calculation in correct
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