Income tax

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Querist : Anonymous

Querist : Anonymous (Querist)

13 August 2011 plz explain HRA provision

PRAMOD PANDIT M.COM , CA FINAL

PRAMOD PANDIT M.COM , CA FINAL (Expert)
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14 August 2011 from hra received in salary
1 Actual HRA received
2 40% of basic salary + d.a.
3 10% of excess rent paid over basic salary + d.a

=remaining hra taxable
~if employee not paid any rent then all hra taxable as salary

HRA applicable if employee live in rented house and paid rent

least of the following will be reduce from hra received in salary
1 Actual HRA received
2 40% of basic salary + d.a.
3 10% of excess rent paid over basic salary + d.a

=remaining hra taxable
~if employee not paid any rent then all hra taxable as salary

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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14 August 2011 I agree with the expert but for Metro Cities it is 50%

CA. Krishna K Neeraj

CA. Krishna K Neeraj (Expert)
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15 August 2011 Least of the following will be exempt for tax:
1 Actual HRA received
2 50% (for metro)/40% (for non-metros)of basic salary + d.a.
3 10% of excess rent paid over basic salary + d.a

HRA in excess of least of above three will be taxable

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