share knowledge
This query is : Resolved
04 July 2007
hi
i have qry if any person get HRA from his employer which is Rs 26,000 & his income is Rs 2,00,000 & pay Rs. 50,000 as house rent than that is Tax deduction here
Rs. 26,000 HRA Actualy he GET
Rs. 30,000 (net amount total rent-10% of salary)
or Rs. 24,000 limit on house rent
under which rule chapter vi or section 10(b) & why
plz hlep me
i have qry if any person get HRA from his employer which is Rs 26,000 & his income is Rs 2,00,000 & pay Rs. 50,000 as house rent than that is Tax deduction here
Rs. 26,000 HRA Actualy he GET
Rs. 30,000 (net amount total rent-10% of salary)
or Rs. 24,000 limit on house rent
under which rule chapter vi or section 10(b) & why
plz hlep me
05 July 2007
Firstly, i must tell you that section 10(13A) deals with HRA and not Section 10(b).
Lower of the following is available as exemption:
i)Actual rent paid-10% of salary ie.
50000-20000=30000
ii)50% of salary or 40% of salary depending on the city in which house is taken on rent.(ie 100000)
iii) Actual HRA received.(ie 26000)
therefore 26000 will be exempt
Provided that the assessee, spouse, minor child do not have a residential house property in that city.
Lower of the following is available as exemption:
i)Actual rent paid-10% of salary ie.
50000-20000=30000
ii)50% of salary or 40% of salary depending on the city in which house is taken on rent.(ie 100000)
iii) Actual HRA received.(ie 26000)
therefore 26000 will be exempt
Provided that the assessee, spouse, minor child do not have a residential house property in that city.
05 July 2007
06 July 2007
hello
firstly thanx for the help
but limit is 24000 or its is only for chapter vi and not for Section 10(13A)
thanx
firstly thanx for the help
but limit is 24000 or its is only for chapter vi and not for Section 10(13A)
thanx
08 July 2007
If you are asking about HRA then there is no mention of it in chapter VI buddy. Please check the ACT.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Errors in lTDS FORM 26 QB FILING FOR Last instalment payment FOR HOUSE PROPERTY PURCHASE
- TDS deposited by party after the filing of income tax returns
- Reg Correction Form 15CB & 15CA
- Regarding Capital gain of NRI
- Address Proof Required Gst Registration in UP
- Gstr9 fy23-24
- Cancel of form 102 without transfer
- REGARDING ITR RETURN PROCCESSED BY DEPARTMENT
- Query on Cheque
- Rebate u/s 87a on STCG / LTCG - New tax regime
- Is Home Orderly Allowance available to Judicial Officers of India, Taxable?
- Voluntary gst tax given in DRC FORM 3 US 122 AND US125
- Rule 42 Calculation
- At least one Business Code is mandatory either in Schedule Nature of Business or at Point 61
- Fixed assets to be expensed out resulting nil value
- ITC RECREDIT NOT SHOWN IN GSTR 9
- Regarding Tata Motors Stock
- GSTR9 ITC AVAILED CLARIFICATION
- Gstr9 2023-24
- Wrong itc ingstr-3b coloum4-b-1
Trending Online Classes
-
6 days Certification Course on GST Practical Return Filing Process
CA Pratibha Goyal16 December 2024
CAclubindia
