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Naresh Kansala
(Querist)
04 July 2007
hi
i have qry if any person get HRA from his employer which is Rs 26,000 & his income is Rs 2,00,000 & pay Rs. 50,000 as house rent than that is Tax deduction here
Rs. 26,000 HRA Actualy he GET
Rs. 30,000 (net amount total rent-10% of salary)
or Rs. 24,000 limit on house rent
under which rule chapter vi or section 10(b) & why
plz hlep me
i have qry if any person get HRA from his employer which is Rs 26,000 & his income is Rs 2,00,000 & pay Rs. 50,000 as house rent than that is Tax deduction here
Rs. 26,000 HRA Actualy he GET
Rs. 30,000 (net amount total rent-10% of salary)
or Rs. 24,000 limit on house rent
under which rule chapter vi or section 10(b) & why
plz hlep me
Amit Thapar
(Expert)
05 July 2007
Firstly, i must tell you that section 10(13A) deals with HRA and not Section 10(b).
Lower of the following is available as exemption:
i)Actual rent paid-10% of salary ie.
50000-20000=30000
ii)50% of salary or 40% of salary depending on the city in which house is taken on rent.(ie 100000)
iii) Actual HRA received.(ie 26000)
therefore 26000 will be exempt
Provided that the assessee, spouse, minor child do not have a residential house property in that city.
Lower of the following is available as exemption:
i)Actual rent paid-10% of salary ie.
50000-20000=30000
ii)50% of salary or 40% of salary depending on the city in which house is taken on rent.(ie 100000)
iii) Actual HRA received.(ie 26000)
therefore 26000 will be exempt
Provided that the assessee, spouse, minor child do not have a residential house property in that city.
Naresh Kansala
(Querist)
05 July 2007
Naresh Kansala
(Querist)
06 July 2007
hello
firstly thanx for the help
but limit is 24000 or its is only for chapter vi and not for Section 10(13A)
thanx
firstly thanx for the help
but limit is 24000 or its is only for chapter vi and not for Section 10(13A)
thanx
Amit Thapar
(Expert)
08 July 2007
If you are asking about HRA then there is no mention of it in chapter VI buddy. Please check the ACT.
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