13 August 2010
Basic-7275,HRA earned-2910,Medi All-750, Conv all-728,Spl all-7190, LTA Reim-750, Incentive monthly-417,Attire all-500. TOTAL earning 20520 And Actual house rent paid Rs.5,000. Please explain 1.calculation of HRA. 2.Salary includes what?
13 August 2010
V. HOUSE RENT ALLOWANCE Exemption allowed shall be Lower of:- HRA Received Rent Paid - (10% of Retirement Benefits Salary) 50% of Retirement Benefits Salary Delhi/Mumbai/Calcutta/Chennai 40% of Retirement Benefits Salary Any Other State
“Retirement Benefits Salary” means a) Basic Pay b) DA (If it forms part of Salary) c) Commission of Fixed % on SALES
in your case salary will be 7275.
Querist :
Anonymous
Querist :
Anonymous
(Querist)
13 August 2010
Thanks for the reply In the said case 1.how much amount i can take exemtion in IT 2.and under which section (i.e.in ITR)