Treatment of HRA in Income Tax Return
This query is : Resolved
26 July 2010
How to calculate the exempt amount of HRA if the salary is Rs.263755/- and HRA Rs.54000/- is included in salary
CA. Pradeep Nayak
(Expert)
26 July 2010
As per Sec 10(13A), exempt HRA shall be the least of the following:
1. Excess of rent paid over 10% of Basic Salary (total rent paid - 10% of basic)
2. 40% of Basic (50% in case the rented accomodation is in a metro city)
3. Actual HRA received.
1. Excess of rent paid over 10% of Basic Salary (total rent paid - 10% of basic)
2. 40% of Basic (50% in case the rented accomodation is in a metro city)
3. Actual HRA received.
26 July 2010
Thanks Sir,
What would be the exempt amount in the said case
What would be the exempt amount in the said case
CA. Pradeep Nayak
(Expert)
26 July 2010
What is the basic salary & actual rent paid?
26 July 2010
Basic Salary is Rs.9300/- and i have paid Rs.42000/- as rent
CA. Pradeep Nayak
(Expert)
26 July 2010
As per Sec 10(13A), exempt HRA shall be the least of the following:
1. Excess of rent paid over 10% of Basic Salary (Rs. 42,000 - (Rs. 9,300 X 12 X 10%)) = Rs. 30,840
2. 40% of Basic (50% in case the rented accomodation is in a metro city)Rs. 44,640
3. Actual HRA received. Rs. 54,000
So, Rs. 30,840/- will be exempt.
1. Excess of rent paid over 10% of Basic Salary (Rs. 42,000 - (Rs. 9,300 X 12 X 10%)) = Rs. 30,840
2. 40% of Basic (50% in case the rented accomodation is in a metro city)Rs. 44,640
3. Actual HRA received. Rs. 54,000
So, Rs. 30,840/- will be exempt.
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