Hra exemption

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Riyas cv

Riyas cv (Querist)
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22 December 2011 is there any restriction for claiming HRA whether rent actually not paid, but which is payable...?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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22 December 2011 For HRA the requisite condition is Rent expenditure incurred. Rent Paid or Payable both are alike when mercantile system of accounting is being followed.
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A salaried employee also follows mercantile system. Salary is taken on the due basis as a policy matter. When due salary has not been received by the employee, it still remains taxable in his hand.
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In my view, the criteria of incurring the expenditure is more relevant and "incurring" includes both paid and payable.

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Guest

Guest (Expert)

22 December 2011 HRA can be claimed whether rent is paid or payable during the year.

Riyas cv

Riyas cv (Querist)
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22 December 2011 Thank you Ms Neha & Mr Paras

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