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House Rent Allowances calculation for IT Exemption

SURYAKANT MITHBAVKAR

Kindly provide me how to calculate HRA for IT exemption with examples.

House Rent Allowance calculation for income tax exemption balances actual rent, salary-derived ceiling, and excess rent over salary. HRA exemption equals the least of three measures: actual rent paid; a salary-based ceiling (50% of salary in specified metropolitan cities, otherwise 40%); and rent minus 10% of salary. Salary includes basic pay, fixed dearness allowance, fixed dearness pay and percentage commission on sales. (AI Summary)
Income Tax
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Guest on Jul 21, 2015

HRA CALCULATION ( LEAST OF FOLLOWING WILL EXEMPT)

1 ACTUAL RECIPET

2 40%/50% OF SALARY

3 RENT-10% OF SALARY

HERE SALARY MEAN = BASIC PAY+FDA+FDP+% COMMISSION ON SALES

50% OF SALARY IF PROPERTY RENTED AT BOMBEY,DELHI,CULCUTTA,MADRAS I.E (BCDM)

IN ANY OTHER CASE WE WILL TAKE 40% OF SALARY

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