Section 10(13A) of Income Tax Act – HRA Exemption
Section 10(13A) of income tax act allows to claim HRA (House Rent Allowance) that you receive in your salary payslip if you pay house rent
HRA exemption Calculation
How to Save Income Tax on Salary above 7 Lakh
How to Save Income Tax.. 1. Standard Deduction 2. Section 80C 3. Section 80D 4. HRA 5. Section 80CCD(1B) 6. Section 24. Zero Income Tax on 11 Lakh
How to Claim HRA When Living with Parents?
Claim HRA when Living with Parents.. you can pay them some amount every month as rent and claim that amount as HRA if you receive HRA in salary payslip
How HRA Exemption is Calculated [Excel Examples]
How HRA exemption is calculated. You basically need to do 3 calculations to reach your HRA exemption amount:
1. Calculate Total HRA received in FY
2. Total rent paid in FY minus 10% of Basic Salary + DA in FY
3. 50% of Basic Salary + DA (metro city), else 40% in case staying in non metro city.
Minimum of above numbers will be considered as HRA exemption amount in the financial year to save income tax by reducing the taxable income.