It shows that of Rs 84,000 actually received as HRA, Rs. Iii) Excess of rent paid annually over 10% of annual salary = Rs. To avail HRA benefit, the least of the following amount (yearly) is exempted, rest is taxable: The tax rate applicable to the individual is 20 per cent on his income under the old tax regime. 8,400 rent for accommodation in a metro city. Let's say an individual, with a monthly basic salary of Rs 15,000, receives HRA of Rs. This tax benefit is available to the person only for the period in which the rented house is occupied.
In case 'Dearness Allowance (DA)' (if it forms a part of retirement benefits) and 'commission received on the basis of sales turnover' is applicable, they too are added to compute the minimum HRA exemption available. Iii) Excess of rent paid annually over 10% of annual salaryįor calculation purpose, the salary considered is 'basic salary'. Ii) 50% of salary if living in metro cities, or 40% for non-metro cities and The tax-exemption for HRA is the minimum of: Self-employed professionals cannot avail this deduction.
This tax benefit is available only to the salaried individuals (opting for old tax regime) who have the HRA component as part of their salary structure and is staying in rented accommodation.
House rent receipt generator#
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