Tax calculation with hra

This query is : Resolved

Mukesh Choudhary (Querist)
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21 February 2013 Dear Experts,

1.My Gross Income for A.Y. is Rs.1269600
(HRA-Rs.360000 + Transport all. Rs.9600).

2.I have investments in LIC for Rs.100000/-

3.Company Deducted TDS Rs.94760/-

4. Rent paid 360000/- in Non-Metro City.

now wt would be tax on this income & also wt would be HRA exemption.

Thanks in advance Ji.

CA Prashant Gupta

CA Prashant Gupta (Expert)
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21 February 2013 tell about full detail of salary
because without basic salary HRA exemption can't be calculated
I am taking rest as basic salary i.e. 9,00,000/-
so you can claim exemption least of following:
1 40% of basic 3,60,000
2 HRA received 3,60,000
3 excess of rent paid over 10 % of salary 2,70,000

so HRA exemption is 2,70,000