I residing at rented house with 4000 per month. construction of my own house is going on nearby the rented house, HL from SBI. HRA i recived 1000 per month from sep'10 how i can calculated my HRA deduction and under which section? Sir ur excel sheet is not providing the exemption for HRA in my case.
1 Answers
Please download latest Income tax calculator for 2010-11.
In order to compute HRA deduction correctly, you will have to provide following values in excel sheet:
1. Place of residence (Metro/Non-metro) in cell C4.
2. Basic salary in cells D9:O9.
3. House rent allowance (HRA) received as part of salary in cells D10:O10 (Rs 1000 in each cell).
4. Actual rent paid in cells D34:O34 (4000 Rs in each month in which rent was paid).
After this, you will see HRA exemption amount in cells D35 to O35 and total amount in year in cell P36.
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