House rent allowance

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

15 February 2012 Dear Sir,

I would like to know that how much amount (maximum)exempted from imcometax.HRA fall under which sec? What is the calculation of HRA asper IT rule?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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15 February 2012 As per section 10(13A) read with rule 2A ,least of following three will be exempted

1.House Rent allowance (HRA) received.
2.50% 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.
3.Rent paid in excess of 10 % of salary.