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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Hra exemption for jointly owned flat
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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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