Hra Deduction Under Section 10
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40 of salary 50 of the salary if the rented property is in metro city i e.
Hra deduction under section 10. Deduction under section 10 13a is allowed only if the employer is getting hra from their employer. Under the section 80 gg the self employed or the salaried person can claim a hra tax exemption or the rent paid by him or her in excess of 10 of his her income or salary respectively. It is to be noted that the entire hra is not deductible.
Hra is given to meet thse cost of a rented house taken by the employee for his stay the income tax act allows for deduction in respect of the hra paid to employees. The hra deduction is based on salary hra received the actual rent paid and place of residence. Exemption of house rent allowance under section 10 13a of income tax act.
Mumbai delhi chennai or kolkata actual rent paid less 10 of salary. How to calculate house rent allowance. This is a part of the salary package in accordance with the terms and conditions of employment.
House rent exemption under section 10 13a hra exemption. Subject to certain conditions a part of hra is exempted under section 10 13a of the income tax act 1961. The amount of hra exemption is deductible from the total income before arriving at a taxable income.
The exemption on hra is covered under section 10 13a of the income tax act and rule 2a of the income tax rules. A deduction from such hra is allowed under section 10 13a which is least of the following. Hra is given to meet the cost of a rented house taken by the employee for his stay.
The upper ceiling is 25 which means that rent paid in between 10 and 25 of the salary income is only available for deduction hra exemption. In order to cover the house rents of various employees the employer pays the house rent allowance. This helps an employee to save tax.
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