Hra exemption
This query is : Resolved
22 June 2013
Assessee lives in a rented premises for only 6 months during the FY
HRA received - 12900 for 10 months (due to leave taken without pay during the year)
rent paid - 6000 for 6 months
basic salary - 25000 for 10 months....
HRA exemption: lowest of
1. 40% of (25000*10)
2. 12900*10
3. (6000*6)-(10% of (25000*10))
or
1. 40% of (25000*10)
2. 12900*10
3. (6000*6)-(10% of (25000*6))
In first case exemption comes to Rs. 11000 and in second case it comes to Rs. 21000.
HRA received - 12900 for 10 months (due to leave taken without pay during the year)
rent paid - 6000 for 6 months
basic salary - 25000 for 10 months....
HRA exemption: lowest of
1. 40% of (25000*10)
2. 12900*10
3. (6000*6)-(10% of (25000*10))
or
1. 40% of (25000*10)
2. 12900*10
3. (6000*6)-(10% of (25000*6))
In first case exemption comes to Rs. 11000 and in second case it comes to Rs. 21000.
Rupesh Jain
(Expert)
22 June 2013
pls take salary and HRA equally period then calculate exemption
CA Kapil Verma
(Expert)
22 June 2013
Correct calculation is :
HRA exemption lowest of :
1. 40% of (25000*10)
2. 12900*6
3. (6000*6)-(10% of (25000*10))
HRA exemption lowest of :
1. 40% of (25000*10)
2. 12900*6
3. (6000*6)-(10% of (25000*10))
22 June 2013
hello
sorry to say but both these replies are contradictory with each other.....
can anyone clarify please
sorry to say but both these replies are contradictory with each other.....
can anyone clarify please
CMA Ramesh Krishnan
(Expert)
22 June 2013
Since the employee stayed rented house for 6 months only. so actual HRA calculation need to be done on 6 months only. all other months what ever HRA received is fully taxable. so no need to calculate for 10 months basic salary
HRA exemption least of the following
A.(Rs.25000x6)x 40%
B.Rs.12900x 6
B (Rs.6000-10% of Rs.25000)x6 months
HRA exemption least of the following
A.(Rs.25000x6)x 40%
B.Rs.12900x 6
B (Rs.6000-10% of Rs.25000)x6 months
27 June 2013
any other possible views ??
in computax software there is space only for total HRA and Total rent paid during the year
in computax software there is space only for total HRA and Total rent paid during the year
CMA Ramesh Krishnan
(Expert)
08 July 2013
in computax, if you double click or press F-5 you can feed the amounts monthly
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