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From the following information, compute the taxable amount of HRA for one month of Naresh who resides in Kanpur: (i) Salary per month Rs. 6,000 (ii) HRA received per month Rs. 500 (iii) Rent paid per month Rs. 900

From the following information, compute the taxable amount of HRA for one month of Naresh who resides in Kanpur: (i) Salary per month Rs. 6,000 (ii) HRA received per month Rs. 500 (iii) Rent paid per month Rs. 900 Correct Answer Rs. 200

Provision:

House Rent Allowance (HRA) - It is a portion of your salary granted by your employer to cover the costs of rented housing.

Taxable Amount of HRA - According to section 10 (13A) of the income tax act 1961, is allowed as a deduction from a taxable salary. HRA exemption is allowed least of the following:

Particulars
  • Actual HRA Received
  • 40% of salary (non-metro city)
  • 50% of salary (metro city)
  • Actual rent paid minus 10% of salary

Taxable HRA = Actual HRA Received - HRA Exempted

Analysis:

In the question given above:

Particulars                                                Amount (Rs.)
  • Actual HRA Received (given)
  • 40% of salary (non-metro city) = Rs. 6,000 x 40%
  • Actual rent paid minus 10% of salary = Rs. 900 - (Rs. 6,000 x 10%)

500

2,400

300

 
Exempted HRA 300 (least of the above)

Conclusion:

Taxable HRA = Actual HRA Received - HRA Exempted

= Rs. 500 - Rs. 300

= Rs. 200

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