Urgent (HRA)

This query is : Resolved

Vaibhav (Querist)
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15 March 2011 Sir,
we provide HRA(Rs.4500) to Employee 7 he paid rent Rs. 4000(in Metro).
Which amount is taxable or exempt?
Rent receipt is required in this case or not.
Tell me when rent receipt & Rent agreement required.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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16 March 2011 Data insufficient to calculate the claim of HRA.
Therefore, u may see CBDT circular 8/2010 dated 13/12/2010 ,particularly clause 5.2(9),in www.incometaxindia.gov.in for HRA calculation and for the rent receipt requirement.

CA. Krishna K Neeraj

CA. Krishna K Neeraj (Expert)
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21 April 2011 For metro

Lower of following 3 will be exempt:

1) HRA received
2) Rent paid over 10% of salary
3) 50% of salary

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