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Calculation of House Rent Allowance U/s 10 (13A) in respect of residential accommodation situated in Delhi in case of an employee below the age of sixty years

Admin July 23, 2018

Calculation of House Rent Allowance U/s 10 (13A) in respect of residential accommodation situated in Delhi in case of an employee below the age of sixty years

Example 4

For Assessment year 2018-19

Illustrative calculation of House Rent Allowance U/s 10 (13A) in respect of residential accommodation situated in Delhi in case of an employee below the age of sixty years (with valid PAN furnished to employer).

S.No

Particulars

Rupees

1

Salary

3,50,000

2

Dearness Allowance

2,00,000

3

House Rent Allowance

1,40,000

4

House Rent Paid

1,44,000

5

General provident Fund

36,000

6

Life Insurance Premium

4,000

7

Subscription to Unit-Linked Insurance Plan

50,000

Computation of total income and tax payable thereon

S.No

Particulars

Rupees

1

Salary + Dearness Allowance + House Rent Allowance

3,50,000 + 2,00,000+1,40,000 = 6,90,000

6,90,000

2

Total Salary Income

6,90,000

3

Less: House Rent Allowance exempt U/s 10(13A):

Least Of:

(a)    Actual amount of HRA Received                              = 1,40,000

(b)    Expenditure of rent in excess of 10% of salary

(including DA presuming that DA is taken for

retirement benefit) (1,44,000 – 55,000)                =     89,000

 

(c)     50% of Salary (Basic + DA)                                         = 2,75,000

 

 

 

 

 

 

89,000

 

Gross Total Income

6,01,000

 

Less: Deduction U/s 80C

(i)                  GPF                                                                Rs.36,000/-

(ii)                LIC                                                                  Rs.  4,000/-

(iii)               Investment in Unit-Linked Insurance

Plan                                                               Rs.50,000/-

Total                                                            =Rs.90,000/-

 

 

 

 

 

90,000

 

Total Income

5,11,000

 

Tax payable

14700

 

Add:

(i)                  Education Cess@2%

(ii)                Secondary and Higher Education Cess @1%

 

294

147

 

Total Income Tax payable

15141

 

Rounded off to

15140

Source: https://www.incometaxindia.gov.in

Filed Under: Income Tax

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