Hra exeption limit ay 14-15

This query is : Resolved

Prajakta Potdar (Querist)
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18 October 2013 Sir

Regarding HRA Exemption, suppose there is no HRA recd in Salary. It means lumpsum Monthly salary Recd Rs.24800=00 (After dedn of Prof.Tax Rs.200).

Further, if that person is paying Rent Rs.9000=00 p.m.

Can he get HRA exeption as follows or not?

2) Rent paid - 10% of Salary i.e 78000 (108000-30000)
3) 50% of Salary i.e. (150000)

Exemption Rs.78000=00 (Whichever is least)

therefore HRA exemption Rs.78000.

is this correct?

Please guide me.

@VaibhavJ

@VaibhavJ (Expert)
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18 October 2013 Hi Prajakta

Refer https://www.caclubindia.com/forum/hra-house-rrent-allowance-interest-on-housing-loan-faq-234214.asp

Thanks//VaibhavJ

CA Pallav Singhania

CA Pallav Singhania (Expert)
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18 October 2013 If you don’t get HRA but still pay rent? This could be the case with self-employed professionals, businessmen or even the salaried person whose emoluments do not include the HRA component.
The Income-Tax Act provides relief to this category of rent-payers, too.

Section 80GG covers the nuts and bolts of this tax deduction.
However,the conditions to fulfil are onerous and the deduction is rather small.

@VaibhavJ

@VaibhavJ (Expert)
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18 October 2013 Pl refer for complete details:

http://www.taxfaq.in/deduction-in-respect-of-rent-paid-under-section-80gg.html

Thanks

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