Dear frnds & Seniours,
Supose Mr X receive basic salary from AB LTD for 01/04/2007 to 31/10/2008 in Panjab Rs. 150000 (Basic)and
from CD LTd in Kanpur for 1/11/2007 to 31/03/2008 Rs. 130000/-(Basic).
punjab Kanpur
HRA recd 60000 52000
Rent paid 9000/- month 11000/- month
What is the HRA exemption for whole year & hw it is determined
For 1st 7 Months
HRA from AB LTD 60000
Rent paid-10% of Salary (63000-15000) 48000
40% of salary 60000
For last 5 Months
HRA from CD Ltd 52000
Rent paid -10% of Salary (55000-13000) 42000
40%of salary 52000
Total exemption 48000+42000=90000/-
Note for the purpose of calculation of exmpted HRA month to Month HRA,Salary and rent paid are considered but exemption will be given at the end of year
CAclubindia
