IT DEDUCTION ON RENT
This query is : Resolved
27 May 2008
HI,
ONE OF MY FIREND HE IS PAYING 5000/- P.M. AS RENT AND THE COMPANY PAYING HIM HRA AS RS.3200/- .HIS BASIC + DA COMES TO RS.7375/- .HE IS IN DELHI.
LET ME KNOW THE IT DEDUCTION ON THIS PLS.
ONE OF MY FIREND HE IS PAYING 5000/- P.M. AS RENT AND THE COMPANY PAYING HIM HRA AS RS.3200/- .HIS BASIC + DA COMES TO RS.7375/- .HE IS IN DELHI.
LET ME KNOW THE IT DEDUCTION ON THIS PLS.
27 May 2008
the allowable deduction is lower of following
1)actual Hra Recd. i.e Rs. 3200/-
2)50% of 7375/- i.e 3687/-
3)actual rent paid over 10% of 7375/- i.e 4263.
the lowest of above i.e 3200/- is allowed as deduction
1)actual Hra Recd. i.e Rs. 3200/-
2)50% of 7375/- i.e 3687/-
3)actual rent paid over 10% of 7375/- i.e 4263.
the lowest of above i.e 3200/- is allowed as deduction
27 May 2008
UR total HRA recieved for the year would be 3200*12=38200...From this least of following 3 would be deducted:
1)Actual HRA 38200
2)Rent paid-10% of Basic+da 51150
3)50% of Basic +da 44250
So (1) being least would be deducted from HRA..Since both HRA recieved & exempt are same...whole HRA recieved is exempt...
1)Actual HRA 38200
2)Rent paid-10% of Basic+da 51150
3)50% of Basic +da 44250
So (1) being least would be deducted from HRA..Since both HRA recieved & exempt are same...whole HRA recieved is exempt...
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG Tax On residential property
- Post Office RD Interest
- Applicable TDS for Purchase of Flat from NRI
- Eway bill for machinery reparing
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- Gift of mutual fund units to daughter
- Form 10BD Filling
- TDS ON CASH WITHDRAWALS...
- Reporting of STCG on Property in ITR
- Foreign inward in ITR
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
