Most of salaried employee/Taxpayee confused regarding calculation of HRA (House Rent Allowance) Exemption u/s. 10(13A) as per Income Tax Act. For this HRA Exemption Calculations we made simple utility to calculate HRA Exemption for the Assessment Year 2012-13. It is helpful to calculate Exemption of HRA in the Financial Year 2011-12.
How to Calculate HRA Exemption?
- House rent allowance received
- House rent paid
- Salary
- Location of the house. (As per section 10(13A) read with rule 2A, least of following three will be exempted).
Note:
- House Rent allowance (HRA) received.
- 50% of salary in case of residential accommodation taken on rent is situated in Bombay ,Calcutta ,Delhi, or Madras (Chennai) and 40 % of salary in in any other case.
- Rent paid in excess of 10 % of salary.
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