House Rent Allowance (HRA) is an allowance which is given to a salaried person for meeting the expenses related to the rent. Any salaried person living in a rented house can claim House Rent Allowance (HRA) exemption u/s 10(13A) of Income Tax Act from his total income. In this way, he can reduce his income tax liability.
The minimum of the following three amounts is exempted
You can use following HRA Calculator to calculate the amount of HRA Exemption Amount in an easy manner.
Note : The values entered in the calculator should be "Annual"
You need to enter following 4 amounts for this purpose
The point to be noted here is that the HRA exemption is allowed to an employee who lives in a rented property, even if he owns a house property in the same city. It is also allowed even if rent is being paid to any family member.
2019 February 23 is a bank holiday in Andaman And Nicobar Island due to 4th Saturday Bank Holiday.
2019 March 04 is a bank holiday in Andaman And Nicobar Island due to Maha Shivratri.
2019 March 04 is a bank holiday in Chandigarh due to Maha Shivaratri.
2019 March 09 is a bank holiday in Andaman And Nicobar Island due to 2nd Saturday Bank Holiday.
2019 March 20 is a bank holiday in Assam due to Dol Jatra.
2019 March 20 is a bank holiday in Jharkhand due to Holika Dahan.