HRA Calculation in Income Tax | House Rent Allowance Calculator for Salaried Employees in hindi
In this video by FinCalC TV we will see HRA Calculation Income Tax. House Rent Allowance (HRA) calculator helps you to know HRA exemption for salaried employees. If you stay on rent, you can claim HRA exemption to save income tax with old tax regime
HRA Calculator:
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HRA Calculator in Excel:
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CHAPTERS:
00:00 HRA Calculation in Income Tax Intro
00:25 HRA Component in Salary Payslip
01:12 HRA Exemption Calculation Formula
01:56 Can we claim HRA & Home Loan Interest amount?
02:38 HRA Calculator with Examples
05:19 HRA Calculation Example 1
07:14 HRA Calculation Example 2
08:33 HRA Exemption Calculation in Excel Download
13:24 Claim HRA Exemption without Staying on Rent
Save Income Tax Video:
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WHAT IS HRA
- HRA full form is House Rent Allowance
- If you are salaried employee, you must be receiving HRA component. You can confirm this from your Salary slip of any month
- HRA is provided to you so that it helps you pay your rent if you stay in rented accommodation
- Not all of us stay on rent, so this HRA amount becomes taxable if you do not stay on rent
- But, if you stay on rent, you can claim HRA exemption to reduce your taxable income which will help save your Income Tax
- There are certain rules you need to follow along with HRA calculation formula you must use to calculate HRA exemption, because not entire HRA amount can be exempted from taxable income
HRA EXEMPTION CALCULATOR ONLINE
- The HRA calculator would give you accurate results when you provide correct information of your Basic + DA components of your salary, HRA amount received and the rent paid by you, all figures on yearly basis
- It does not take into account the change in basic salary or rent components in between the financial year
- If you live in metro city then 50% of basic salary will be considered else 40% will be considered in non-metro city to calculate your HRA exemption amount
- This HRA calculator gives you a rough idea about the approximate amount you can claim as HRA exemption to save Income Tax.
HOW IS HRA EXEMPTION CALCULATED
The amount you receive as HRA (HRA full form is House Rent Allowance) is not fully tax exempted
The Tax exempt portion should be minimum of the following calculations:
1. Actual HRA received from employer
2. 50 percent of the ‘salary’ if the accommodation is in the metro cities (Delhi, Mumbai, Chennai, Kolkata) or else 40 percent for other cities
3. Excess rent paid annually over 10 percent of the annual ‘salary’
where Salary means “Basic Salary + Dearness Allowance”
You can claim full HRA received in #1 only when the number is higher in #2 and #3 calculations above
What is HRA exemption limit?
HRA exemption limit is based on the calculations shown above using Basic salary, HRA component in your salary slip and the rent you pay
HRA exemption in new tax regime allowed?
HRA exemption in new tax regime is not allowed since new tax regime has reduced tax slab rates, and no deductions are allowed in new tax regime for you to save any more income tax
HRA exemption without PAN?
HRA exemption without PAN of landlord is possible when the total rent paid by you in FY is less than Rs. 1 Lac, or less than Rs. 8,333 per month. In case the total rent paid by you is more than Rs. 1 Lac in a FY (April to March), you need to provide PAN of landlord
What is HRA exemption section?
HRA exemption section is Section 10 (13a)
HRA exemption without rent receipt?
HRA exemption without rent receipt is not possible since rent receipt are the proof that you pay rent. It is better to ask landlord to provide you rent receipt
#houserentallowance #HRACalculation #incometax #fincalc
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DISCLAIMER:
Examples and demo used are for Illustration purpose only and might not cover every detail of examples shown. It is advised to seek professional help before taking any financial decisions. The owner of this channel shall not be liable in any way.