2 Lakhs HRA on 10 Lakhs Package

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Student
70 Points Posted on 05 February 2023

Hello,

I recently got a package of Rs. 10LPA from my company [Mumbai]

Someone has advised me that I can claim up to Rs. 2 lakhs as HRA exemption from my salary under the old regime.

Please help me understand if this is true, and how can this be done? I would appreciate if someone can explain all the scenarios please.
 

Thank you

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On 05 February 2023 at 19:56 Report
Replies (5)
Quick Summary
This discussion explores the possibility of claiming up to £2 Lakhs in House Rent Allowance (HRA) exemption on a £10 Lakhs per annum salary package under the old tax regime. While £2 Lakhs is not a fixed figure, the exemption amount is determined by a calculation involving your monthly HRA, 50% of your basic salary, and the rent you pay minus 10% of your basic salary. The lowest of these figures is the amount eligible for exemption.

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CFO- at NHTF
58280 Points Posted on 05 February 2023
HRA exemption depends on calculation. So 2lacs need not be the fixed figure
8 Reply
On 05 February 2023 at 20:45
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Profession
28271 Points Posted on 06 February 2023
2 lakhs hra exemption sec 10(13A) RULE 2A.
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On 06 February 2023 at 08:17
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Student
70 Points Posted on 07 February 2023

But is 2 lakhs exemption possible under any scenario that's what I am asking?
Can you please help me with an example, I would get clarity 

Thank you so much!

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On 07 February 2023 at 00:29
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Chartered Accountant
86505 Points Posted on 07 February 2023
For calculation, need HRA amount per month, salary per month da per month, rent per month
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On 07 February 2023 at 07:11
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CFO- at NHTF
58280 Points Posted on 07 February 2023
It depends on the following

HRA as per payslip
50% of basic
Rent paid - 10% of basic

Least of the above is exempt

( DA may also have to be considered if it is form part of retirement benefits)
7 Reply
On 07 February 2023 at 08:40

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