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?

Rs. 500
Rs. 300
Rs. 400
Rs. 200

LohaHridoy

6 views

2025-01-04 04:42

1 Answers

AhmedNazir

Option 4 : 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

6 views Answered 2022-09-04 04:29

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