HRA Exemption
Sangeeta Jakhar (54 Points)
12 February 2018
if employee don't get hra by employer and lives on rent I.e. 4000 pm and salary is 364000pa .how much rebate can he get?
5 Replies
Heena mangtani
(Chartered Accountant)
(272 Points)
Replied 12 February 2018
the lowest of these will be considered as the deduction under this section-
(a) Rs 5,000 per month
(b) 25% of total Income (income to exclude long term capital gain, short term capital gain under section 111A and Income under section 115A or 115D and deductions 80C to 80U. Also income is before making deduction under section 80GG).
(c) Actual Rent less 10% of Income (income to exclude long term capital gain, short term capital gain under section 111A and Income under section 115A or 115D and deductions 80C to 80U. Also income is before making deduction under section 80GG).
(a) Rs 5,000 per month
(b) 25% of total Income (income to exclude long term capital gain, short term capital gain under section 111A and Income under section 115A or 115D and deductions 80C to 80U. Also income is before making deduction under section 80GG).
(c) Actual Rent less 10% of Income (income to exclude long term capital gain, short term capital gain under section 111A and Income under section 115A or 115D and deductions 80C to 80U. Also income is before making deduction under section 80GG).
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177886 Points)
Replied 12 February 2018
Usually HRA forms part of your salary and you can claim deduction for HRA. If you do not receive HRA from your employer, and make payments towards rent for any furnished or unfurnished accommodation occupied by you for your own residence, you can claim deduction under section 80GG towards rent that you pay, provided you do not own any residential accommodation at the place where you currently reside and perform duties of office.
Deduction –the lowest of these will be considered as the deduction under this section-
(a) Rs 5,000 per month
(b) 25% of total Income (before making deduction under section 80GG).
(c) Actual Rent less 10% of Income
Abhay Raj
(15 Points)
Replied 12 February 2018
Is this above details correct? i found another limits in icai study materials.
1-actual hra received
2-rent paid-10% of salary
3-40% of salary
1-actual hra received
2-rent paid-10% of salary
3-40% of salary
Heena mangtani
(Chartered Accountant)
(272 Points)
Replied 12 February 2018
the limits in icai material is for the case where hra is received .
Recent Topics
- CLAIMING OF U CLAIMED RCM
- Building construction works
- REGARDING GSTR-9 F.Y 2023-24
- Rectification to decrease income in SCHEDULE OS
- Can Statutory Auditor of a subsidiary become concu
- Client Asking for the Revised Invoice
- Share office desk in bkc, near family court
- 80D claim for payment paid by parent
- TDS on purchase of Flat under subvention scheme be
- GST registration for medical shop in Karnataka
Related Threads
CAclubindia
