HRA (Urgent)
This query is : Resolved
05 April 2011
If any person join a company 28 March & his basic salary of 4 days is 3214 & HRA 1607.he paid rent 9000 Per month.
His last salary from previous employee upto 18 March.
My qu. is which amount will be exempt & Taxable for the purpose of HRA?
His last salary from previous employee upto 18 March.
My qu. is which amount will be exempt & Taxable for the purpose of HRA?
CA Navin Jain
(Expert)
05 April 2011
WHICHEVER IS LESS OF FOLLOWING
RS. 1607 50% OF BASIC
OR
RS. 1607 ACTUAL RECEIVED
OR
RS. 879 (CALCULATE RENT PAID FOR 4 DAYS AND LESS 10% OF BASIC PAY)
RS. 1607 50% OF BASIC
OR
RS. 1607 ACTUAL RECEIVED
OR
RS. 879 (CALCULATE RENT PAID FOR 4 DAYS AND LESS 10% OF BASIC PAY)
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05 April 2011
You should have a clarity on how much HRA benefit he got from past employment...
See in any case... total HRA recd (from past & your company) should be taken into consideration
For the month of March.... you can :
Add Basic salary from both company
Add HRA from both company
Rent paid = 9000/-
Now you can go ahead according the normal HRA deduction rule under Income Tax
See in any case... total HRA recd (from past & your company) should be taken into consideration
For the month of March.... you can :
Add Basic salary from both company
Add HRA from both company
Rent paid = 9000/-
Now you can go ahead according the normal HRA deduction rule under Income Tax
Message likes :
2 times
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