If actual rent paid is lower than 10% of basic salary, can I take the least of the other two conditions ( i.e actual HRA received or 50 % of Basic+DA) or I get not exemption under this section.
Rajarajan
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House Rent Deductions
Replies (14)
I think, you wont get any exemption under HRA, and rule clearly says least of the three... so,as least of the three is a negative figure,which means no exemption under this act...
can i b assured Meghdoot?
rajarajan
Yes, you will not get any HRA exemption, I agree with Meghdoot.
I am 80% sure.....
Mr. Rajarajan, its sad to tell u that, u wont be getting any exemption for HRA in this case because the provisions of HRA is as follows
The details about the HRA exemption in described under Section 10 (13A) of the Income Tax act 1961. The following are the three conditions to eligible for HRA exemption:
- HRA must be included in your salary component
- You are staying in the rented house
- Your rent is more than 10% of your salary
HRA Limit for Tax Exemption
There is certain provisions to calculate the HRA amount you are eligible to claim as the tax benefits. Use the following three conditions to calculate the HRA and least of the following three can be claimed as the tax ememption:
- The amount received as HRA from the
- 40% of salary. It is 50% of salary if you are staying in any of the four cities: Delhi, Mumbai, Chennai or Kolkata.
- Rent paid minus 10% of salary
As the exemtion is for least of the above, and least is 0 (ZERO) so you wont be getting any exemption.
Thank u Hitesh Kumar
Rajarajan
100% u will not get any deduction
no yar ...
it is but abvious k ....u can't get deduction.
resun ..u have to select lower of the 3 s the deduction and if one comes negative ...it show ur deduction amoutn under 10(13A) is zero
no exemption will be allowed
i agree with hitesh sir..
since the least of the 3 conditions is nil
so, no exemption cn b claimed
100%u will not get any exemption.............
YOU CANT NOT TAKE EXEMPTION. BUT IF U DONT GET HOUSE RENT ALLOWANCE, YOU WILL BE ELIGIBLE FOR DEDUCTION U/S 80GG
| Originally posted by :sagar | ||
| " | YOU CANT NOT TAKE EXEMPTION. BUT IF U DONT GET HOUSE RENT ALLOWANCE, YOU WILL BE ELIGIBLE FOR DEDUCTION U/S 80GG | " |
can u plz give explaination of 80GG wrt rfa
No exemption is allowed.
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