Calculate HRA exemption u/s 10(13A) for tax saving.
HRA exemption = Minimum of: (a) Actual HRA received, (b) 50% of basic (metro) or 40% (non-metro), (c) Rent paid โ 10% of basic. Available only in Old Tax Regime.
HRA exemption = MINIMUM of: (a) Actual HRA received, (b) 50% of basic salary (metro) or 40% (non-metro), (c) Rent paid โ 10% of basic salary.
No! HRA exemption is only available under the OLD tax regime. New regime doesn't allow HRA deduction.
Rent receipts (monthly), rent agreement, and PAN of landlord if annual rent exceeds โน1 lakh.
Yes, if you live in a rented house in another city for work, even if you own a home elsewhere.
Only Delhi, Mumbai, Kolkata, and Chennai are classified as metro. Bangalore, Hyderabad, Pune are non-metro for HRA purposes.