HRA&80ccc

This query is : Resolved

E S S PRABHAKAR (Querist)
Follow

17 December 2009 dear sir/s,

1)For salareid employess HRA received from employeer can be deduct as full exemption from gross salary? (in my case HRA recd.is Rs.57,060)

2) is the deduction u/s 80c is 1.00 lakh and 80ccc is 1.00lakh or both togther 1.00 lakh?

3) what is the amount of deducions for housing laon principal and interest?

kindly help me inthis regard.

Thanking You

sincerely

prabhakar

UMA SHANKER SHARDA

UMA SHANKER SHARDA (Expert)
Follow

17 December 2009 No, it is lowest among the following:
i. Actual HRA received
ii.Actual rent paid - 10% of salary.
iii. 50% of salary in case of Dehi, Kilkata, Mumbai & Chennai & in other cases it is 40% of salary.
Deduction u/s 80C & 80CCC both together is Rs.1.00 Lacs.
Repayment of Housing loan is under section 80C and it is upto Rs.1.00 including all eligible investments. Interest on H/L is upto 150000/-