share knowledge
This query is : Resolved
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
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.
05 July 2007
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
08 July 2007
If you are asking about HRA then there is no mention of it in chapter VI buddy. Please check the ACT.
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
- Tax on Deemed Capital Gain
- Exiting partner in partnership firm in gst portal
- Type of Capital Gain
- TDS _Long term Capital Gain ref.sec 214 Table 2
- Banking Related Issue
- Traces submitting correction statement error
- ITR-Capital Gain
- ITR-3 File/Error Found
- Rent claimed on building given on permissive possession basis
- IT returns for fresh job holders
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
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
