Hra clarification
This query is : Resolved
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
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
28 May 2013
calculation in correct
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