Hra calculation

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Raja

SME

61 Points Joined July 2013

I have few query mentioned below

Excel sheet attached for ready reference -

1 / - HRA Calculation -

If Basic Salary is 300570 (annually) (Apr to Jun - 24350/month and Jul to Mar - 25280/month)

HRA Paid for FY 2012-13 is 134694 (annually)

Rent Paid is 180000 (annually)

What will be my exemption for tax u/s 10 from Salary ?

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2 / - Do Arrears HRA also needs to be clubbed in current HRA

Current HRA - 134694 and Arrear - 8433

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3 / - I am also getting rebate of interest paid on house loan i.e. 150000/- (Max Limit)

Is there any limit on HRA if availaing this ?

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4 / - In my form 16 it is showing incorrect amount, how do I get this rectified and what documents do, I have to provide if I am doing e-filling online ?

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Attached File : 1093257 1196250 tax calulation sheet.xlsx downloaded: 166 times

Replies (2)

R Ramu

articles

49 Points Joined May 2011

1.I have gone through the excel. if You stay in delhi,mumbai,chennai,kolkatta-your Hra Exemption will be Rs.1,43,127. else it works out to be Rs.1,20,228.

2.You have to club the Hra Arrears if it belong to current year.

3.The interest paid on your home loan is no way related to your hra. it has to be shown under the head income under house property in your itr.

4. You have to rectify the errors of your form 16 from your employer concerned. You require form 16, and form 26as(downloadable from incometax site) for e-filing. Make sure you preserve your Interest statement of home loan.