Hra deduction

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 November 2012 Basic 106,851.00
HRA Received 14,280.00
Rent Paid 60,000.00
What will be my exemption? Currently living in Kolhapur Maharashtra..

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

13 November 2012 14280 will be your exemption. (Least of all)

CA SAYANTAN BASU

CA SAYANTAN BASU (Expert)
Follow

14 November 2012 DEAR SIR ,

WHEN YOU ARE CALCULATING HRA , THERE IS 1 CONDITIONS :

1. WHETHER YOU ARE STAYING IN METRO CITY OR NOT

SO IF THE RENTED HOUSE IS METRO CITY : THE LEAST OF THE FOLLOWING IS TAX FREE
a) 50% of salary (basic + da)
b) actual HRA received
c) rent paid - 10% of the salary .

SO IF THE RENTED HOUSE IS not in METRO CITY :The least of the following is tax free

a) 40% of salary (basic + da)
b) actual HRA received
c) rent paid -10% of the salary

So in this case ,

if the rent house is in metro city then -----

A. 50% of RS 106851 = RS 53425
B .HRA RECEIVED --- RS 14280.
C. 60000-10% OF 106851 =60000- 10685=49315.

SO THE LEAST OF THE FOLLOWING IS RS 14280 . SO FULL YOUR HRA IS TAX FREE .....
IF IN THE NON METRO CITY :

A. 40% OF RS 106851 = 42451
B B .HRA RECEIVED --- RS 14280.
C. 60000-10% OF 106851 =60000- 10685=49315.

TAXFREE HRA : RS 14280.

SO IN BOTH THE CASES HRA AMOUNT IS EXEMPTED .

HOPE YOUR QUERY IS RESOLVED ...........

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

20 November 2012 So in nutshell, 14280 is the CRUX in either case.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

kavita goel

avulaandcopdrl 2023

divakar podaturu

Ashok Atluri

CA Reshma prabhu

Subscribe Now

Hra deduction

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA