Least of the three shall be exempt:-
1. actual HRA received:- 29,981
2. rent paid in excess of 10% of Salary:- 18,000 - 10% of 59962 = 12,004
3. 50% of Salary:- 50% of 59,962= 29,981
Taxable amount of HRA = 29981-12004= 17,977
CA Indu Rani
(CA ,CS Inter,M Com)
(135 Points)
Replied 04 July 2011
Least of the three shall be exempt:-
1. actual HRA received:- 29,981
2. rent paid in excess of 10% of Salary:- 18,000 - 10% of 59962 = 12,004
3. 50% of Salary:- 50% of 59,962= 29,981
Taxable amount of HRA = 29981-12004= 17,977
CAclubindia
