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Hra

RUPESH DESHMUKH (ACCOUNTANT) (83 Points)

27 July 2016

one my friend his Income Tax Computation gross salary - 472411, less -conveyance -16697 Less -HRA -16585 less -PT - 2500 Net Salary - - 436629 when I am file ITR, select type of house property let out, can I show HRA Amount in ITR.

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6 Replies

CMA Poornima Madhava (CMA) (13102 Points)
Replied 27 July 2016

Your question is not clear

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RUPESH DESHMUKH (ACCOUNTANT) (83 Points)
Replied 27 July 2016

Gross Salary - 472411

Less : Conveyance- 16697

Less :HRA- 16585

Less : PT - 2000

Net Salary - 436629

I am File ITR

show Income from salary -436629

select Type Of House property -Let out

am I right

CMA Poornima Madhava (CMA) (13102 Points)
Replied 27 July 2016

You can file ITR1
House property - Let out is selected only when you rent out a house to some one else. If you don't let out any house, no need to select that
If you live in a rented house, you may claim exemption of HRA u/s 10(13A)
Conveyance (transport allowance) is exempt from tax up to ₹1600 pm
PT can also be claimed as deduction u/s 16(iii)

RUPESH DESHMUKH (ACCOUNTANT) (83 Points)
Replied 27 July 2016

ok,

he is live in a rented house.

I am show gross salary after deduction U/s 10

please above calculation is right or wrong

please suggest

CMA Poornima Madhava (CMA) (13102 Points)
Replied 27 July 2016

Don't you have form 16? If you have, file as per form 16. If no, consider gross salary (what you have mentioned) and reduce deductions/exemptions (what I have mentioned above) and compute the tax