Hra calculation

Others 674 views 2 replies

Raja

SME

61 Points Joined July 2013

I have few query mentioned below

Excel sheet attached for ready reference -

1 / - HRA Calculation -

If Basic Salary is 300570 (annually) (Apr to Jun - 24350/month and Jul to Mar - 25280/month)

HRA Paid for FY 2012-13 is 134694 (annually)

Rent Paid is 180000 (annually)

What will be my exemption for tax u/s 10 from Salary ?

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2 / - Do Arrears HRA also needs to be clubbed in current HRA

Current HRA - 134694 and Arrear - 8433

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3 / - I am also getting rebate of interest paid on house loan i.e. 150000/- (Max Limit)

Is there any limit on HRA if availaing this ?

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4 / - In my form 16 it is showing incorrect amount, how do I get this rectified and what documents do, I have to provide if I am doing e-filling online ?

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Rgds

Attached File : 1093257 1196079 tax calulation sheet.xlsx downloaded: 138 times

Replies (2)

C.A. Jignesh N. Mehta

C.A.

1030 Points Joined January 2009

1. The exemption including HRA arrear is 143127

2. Yes arrears HRA is also considered for exemption

3. HRA and Loss from house property has nothing to do with HRA exemption.

4. You need to submit the details to your office and get it rectified.

To file your return you just keep your documents for record and file the return claiming the correct exemption. Let the process of rectification at your office go on, dont wait for rectified form 16.