28 January 2010
1 An amount equal to 50% of salry if house is at Mumbai, Kolkatta, Delhi or Chennai or 40% of salary in other place. 2 HRA received during which rented house was taken. 3 Excess of rent paid over 10% of salary
28 January 2010
u/s 10(13A) of the Income Tax Act, 1961 read with rule 2A, least of the following three will be exempted: 1. HRA actually received 2. Rent paid exceeding 10 % of salary 3. Upto 50 % of salary in case of Metro cities and Upto 40 % of Salary in case of other cities
Here, Salary means Basic Salary, DA (if given under the terms of employment i.e. it enters for retirement benefits), Commision based on fixed percentage of turnover.
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