Dear All,
Can u give me working of HRA exemption from tax?
I had search on net & but did not satisfy about the result. Please tell me the HRA % is to be calculate on salary & How it is to be get exempeted from tax the actual calcutation.
If explain with example will clear faster.
Waiting for your reply, its urgent.
Thanks
Regards,
Amruta Rajput
From India, Pune
2Can u give me working of HRA exemption from tax?
I had search on net & but did not satisfy about the result. Please tell me the HRA % is to be calculate on salary & How it is to be get exempeted from tax the actual calcutation.
If explain with example will clear faster.
Waiting for your reply, its urgent.
Thanks
Regards,
Amruta Rajput
From India, Pune
HRA will vary from place to place. To get maximum tax exemption one has to obtain a house rent receipt equivalent to HRA+ 10% of gross salary. In other words tax exemption towards house rent = rent - 10% of gross salary, subject to a ceiling of HRA.
For example : Rent paid - 3000 -(A)
HRA - 1000 - (B)
Gross salary - 18000 -(C)
tax exemption - (A) - (C)x10% = 3000-1800 = 1200, subject to a ceiling of (B) i.e 1000.
Hence tax exemption is 1000.
Abbas.P.S
From India, Bangalore
For example : Rent paid - 3000 -(A)
HRA - 1000 - (B)
Gross salary - 18000 -(C)
tax exemption - (A) - (C)x10% = 3000-1800 = 1200, subject to a ceiling of (B) i.e 1000.
Hence tax exemption is 1000.
Abbas.P.S
From India, Bangalore
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