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HRA taxability
Whether House rent allowance as partial taxable would be considered while computing Value of rent free house ??
Replies (6)
House Rent Allowance (HRA) is a common component of their salary structure. Although it is a part of your salary, HRA, unlike basic salary, is not fully taxable. Subject to certain conditions, a part of HRA is exempted under Section 10 (13A) of the Income-tax Act, 1961.
The amount of HRA exemption is deductible from the total income before arriving at a taxable income. This helps the employee to save tax. But do keep in mind that the HRA received from your employer, is fully taxable.
you cann't take both benefits.
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My question while computing Value of rent free house , valuation of salary whether house rent allowance would be considered or not ??
yes consider HRA also
Yes, All the taxable allowances are considered
no ... for the meaning of salary, only basic salary and dearness allowances should be taken into account
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