ashish gupta
( student)
(1922 Points)
Replied 13 November 2009
Least of the following will bw exempt
1 Actual HRA received - 4735*4 = 18940
2 Rent paid - 10% of salary (20000-3788)= 16212
3 40% of salary (9470*4)*40% = 15152
So 15152 is the least and u will get exemptio of this amount.
BALASUBRAMANYA B N
(CCI STUDENT....)
(44679 Points)
Replied 13 November 2009
40%-non metro
50%-metro cities
Ajay s
(Accounts Officer)
(243 Points)
Replied 13 November 2009
Dear Asish
Thanks for your reply , but am in metro so i think its 50%
another thing actual hra received is not 4735*4 its 4735*12
ashish gupta
( student)
(1922 Points)
Replied 13 November 2009
ok if u r in metro than apply 50% and it does not matter that u receive HRA for whole year of u paid rrent for only 4 months b coz then rent paid for that period will be zero and no exemption of that amount and HRA received for 8 months will bw included in the salary
Ajay s
(Accounts Officer)
(243 Points)
Replied 13 November 2009
thanks ashis can u explain about medical re imbursement /allowance
whether its taxable ?
Jobin Mathews
(Student)
(42 Points)
Replied 13 November 2009
Medical allowance is taxable, re-imbursement is exempt upto Rs.15000/-.
Ajay s
(Accounts Officer)
(243 Points)
Replied 14 November 2009
thanks , anyone can explain conveyance allowance & transportation allowance and its excemption in Income tax
ashish gupta
( student)
(1922 Points)
Replied 14 November 2009
transportation allowance for coming to office from house is exempt subject to maximum of Rs.800 p.m and conveyance allowance for doing office work or duty is exempt to the extent actually spent on performing the duty
VIPUL
(ARTICLE ASSITANT)
(68 Points)
Replied 26 December 2009
if house is metro then
actual HRA received-18940/-
50%of Basic Salary-(9470*4)*50%=18940/-
Rent paid in excess of 10%of salary-=16212/-
whichever is least
16212 /-.This much amount you can claim as HRA Exemption
If House is in non metro then
actual HRA received-18940/-
40%of Basic Salary-(9470*4)*40%=15152/-
Rent paid in excess of 10%of salary-=16212/-
15152/- This much amount you can claim as HRA Exemption
CAclubindia
