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I m new to Tax Field i want to know How much HRA is exempted if i m getting Basic Pay 6000/-HRA -600/- and i m paying 600/- as a Rent to my house owner, whether i can get HRA Exemption or how much and if i m paying 1000/- as Rent then what? for getting exemption whether Rent Receipt is required to submit or what? and for Calculation of HRA What is mean by `Salary` and for Form 16 what is mean by `Salary` what is difference between them.
Thanks & Regards,
Onkar Sathe
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There are three condations
1. Excess of rent paid over 10% of Salary.
Actual Rent paid minus 10% of Salay (Basic and DA only)
2. Actual HRA received.
3. 40% of Basic and DA (If you are living in Mumbai, Chennai, Kolkata, Delhi then 50 % of basic.)
what ever least will be the amount elegible for deduction.
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