Hra exemption for jointly owned flat

Tax queries 81 views 1 replies
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MBA
141 Points Joined July 2014

How much  hra exemption will i get  if i am living in house jointly owned by me ans my wife 50% each. I am getting hra of Rs 20000 per month. Please guide

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On 03 February 2025 at 22:41 Report
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Master in Accounts & high court Advocate
9066 Points Joined December 2011

To calculate the HRA exemption, we'll consider the following factors:

Factors Affecting HRA Exemption

 1. *HRA received*: ₹20,000 per month

 2. *Location*: Not specified, so we'll assume it's not a metro city (for simplicity)

3. *Rent paid*: Not specified, so we'll assume you're not paying any rent (since you're living in a jointly owned house)

4. *Ownership*: Jointly owned with your wife (50% each) HRA Exemption Calculation Since you're living in a jointly owned house, you won't be paying any rent.

 Therefore, the HRA exemption will be calculated based on the minimum of the following: 1. *Actual HRA received*: ₹20,000 per month 2. **50% of basic salary

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On 05 February 2025 at 21:15


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