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house rent exemption from salary
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HRA is exempted u/s. 24b of Income tax.
More details follow: house-rent-allowance-hra-calculate
please explain in the above articles it says 70% of rent received by parents must be shown ? do they need to show 70% or 100%
@ Shreyansh: Total rent paid to parents is say 1 lakh (100%), but when parents file IT return, income from HP will be taxed at 70% i.e. 70,000/- because of 30% standard deduction available u/s. 24(a), IT act.
ok yes I forgot
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