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Deduction

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(Querist)
07 July 2014 An engineer whose annual income is 800000 is paying 18000 per month as his residential rent. How much rent is allowd as deduction for calculation of his income.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
07 July 2014 lower of follwing :
1. actual hra
2. rent paid actual - 10% of salary
3.50% of salary.
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Rupesh Jain

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Rupesh Jain (Expert)
07 July 2014 it is calculation as under lease of the following

1. rent paid exceeds form 10% of the salary
2. HRA received.
3.40%/50% of the salary.
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