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Hra deduction

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(Querist)
31 May 2013 Dear Sir,


Pls. find below the details required for Tax calculation of One of our employees HRA.


1) HRA Cheque issued to employee is amounting Rs. 3,15,000/- Dt. 26/12/2012 at once.


2) Actual Rent paid is Rs. 3,15,000/- (25000 x 11 Months + Rs. 40,000 Returnable)


3) Salary paid during the year 2012-13 is Rs. 2,08,000/- (Basic + DA).


4) The rent is paid at once by employee for the period JAN 2013 to Nov 2013.


Considering above details pls. let us know how much tax deduction can be claimed on HRA & In wether it is taxable in A.Y 2013-14 Or 2014-15?
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
31 May 2013 Rent need to calculate proportionately till March 2013 and need to calculate the applicable HRA exemption
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