Dear sir Plz guide us that we can claim Rebate tax calculation on salry Regardsboth House rent allowance and Interest on house loan repayment on
From India, Bhopal
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From India, Bhopal
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Dear Vimal,
HRA is one of the tax benefits for employees.
To claim HRA, you should have House Rent Allowance (HRA) in your salary breakup. In general, every employer will provide this to their employees for tax benefits.
To claim HRA, there are certain rules according to Income Tax norms:
1) Actual HRA received (which is mentioned in your salary breakup)
2) 40% of Basic Salary (in metropolitan cities, it is 50%)
3) Rent Paid - 10% of Basic salary
Among all, whichever is less will be considered for getting exemption under section 10 as per the Income Tax Act.
Regarding House Loan, this will come under section 24 as per the IT Act. Repayment of interest will be considered up to Rs. 1,50,000 per annum, and the principal amount will be considered under section 80C, maximum up to Rs. 1,00,000 (note that altogether will be Rs. 1,00,000 under section 80C).
To my knowledge, you cannot claim HRA and interest on a housing loan at the same time. You can claim either one. However, if your house is in another city, and you are working in a different place and paying rent, then you can claim both.
Note that for claiming either HRA or Housing Loan, you have to submit the proper documents.
I hope you will get some idea according to my view, and I wish you all the best.
From India, Hyderabad
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86HRA is one of the tax benefits for employees.
To claim HRA, you should have House Rent Allowance (HRA) in your salary breakup. In general, every employer will provide this to their employees for tax benefits.
To claim HRA, there are certain rules according to Income Tax norms:
1) Actual HRA received (which is mentioned in your salary breakup)
2) 40% of Basic Salary (in metropolitan cities, it is 50%)
3) Rent Paid - 10% of Basic salary
Among all, whichever is less will be considered for getting exemption under section 10 as per the Income Tax Act.
Regarding House Loan, this will come under section 24 as per the IT Act. Repayment of interest will be considered up to Rs. 1,50,000 per annum, and the principal amount will be considered under section 80C, maximum up to Rs. 1,00,000 (note that altogether will be Rs. 1,00,000 under section 80C).
To my knowledge, you cannot claim HRA and interest on a housing loan at the same time. You can claim either one. However, if your house is in another city, and you are working in a different place and paying rent, then you can claim both.
Note that for claiming either HRA or Housing Loan, you have to submit the proper documents.
I hope you will get some idea according to my view, and I wish you all the best.
From India, Hyderabad
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Income Tax Calculation 2009-10 - Salaries.xls