HRA exemption

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

 

 

 

Replies (1)

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

 

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