Hra exemption

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

09 December 2015 Case :-Basic Salary per month 30250
HRA received per month 15125
Gross salary 55000

Living on Rent for 5.5 months only.
Rent paid Rs. 15000 per month
Total Rent Paid Rs. 82500
Residing in Metro City.

How much he will get exemption from salary?

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

09 December 2015 you need to calculate the same on ANNUAL basis. The least of following is exempt.

01. Allowance actually received

02. Rent paid in excess of 10% of salary

03. 40 / 50 (as per the city) per cent of salary

Querist : Anonymous

Querist : Anonymous (Querist)

09 December 2015 plz calculate n give answer

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

09 December 2015 sure.
please provide the accurate and complete data for the whole year 2015-16.

Your query is saying it on month basis.

Whether rent is paid for 6 months or 5.5 months... Please dont keep the things for the imagination of the ANSWER

Querist : Anonymous

Querist : Anonymous (Querist)

09 December 2015 person is on on rent from 16.10.2015 in mumbai. earning salary whole year.

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

09 December 2015 Least of following.

01. HRA received (Assuming the terms of employment so provides that even if the person is NOT staying in rental premises, he is entitled to receive HRA on similar basis) 15,125 X 12 = 181,500

02. Rent paid in excess of 10% salary 82,500 - 66,000 = 22,500

03. 50 % of salary = 330,000

Querist : Anonymous

Querist : Anonymous (Querist)

09 December 2015 82500 less 66000 = 16500
right???

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

09 December 2015 yes,
you said it.
thank you.

Message likes : 1 times

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