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House Rent Allowance (HRA) is part of your salary that helps you pay rent. It can also reduce your income tax, depending on certain conditions. The amount of HRA you get depends on your salary, the city you live in, and the rent you pay. To estimate your HRA exemption, you can use an HRA calculator for income tax purposes.
If you’re a salaried employee renting your home, use our HRA calculator to determine your tax.
HRA Calculator is the tool that helps to calculate the amount that you receive as an allowance. It helps to compute tax deduction components quickly and easily.
There is no such formula to calculate HRA, however, three amounts need to be considered to calculate HRA:
Example:
Let’s understand better with the help of an example.
Suppose,
Now, to calculate HRA based on three amounts:
Therefore, the exempted HRA amount is ₹19,000 per month.
Apkireturn HRA Calculator Online is easy to use and you just need to follow 4 simple steps:
Using these steps, you can easily calculate the exempted HRA amount in seconds.
Rent Receipts
Rent receipts that include details such as date, name of the landlord, tenant name, address and signed by the landlord.
Pan Card details
If your yearly rent exceeds Rs 1 Lakh, then, you need the Pan card details of the landlord. However, if the landlord does not have a PAN card, ask for a self-attested declaration form.
For personalized guidance on your specific situation, especially if your House Rent Allowance (HRA) amount is substantial, it’s always wise to consult a tax advisor in Jaipur.
Yes, you can claim HRA if you pay rent to your parents. Moreover, your parents will also need to show this rental income in their tax returns.
Yes, one can claim both HRA and home loan interest deductions simultaneously per the latest IT Act amendment.
Apkireturn HRA calculator helps you to compute the HRA amount without making any errors and considering all the important factors that are a part of calculating HRA.
One can claim HRA if the landlord is an NRI, but 30% of TDS will be deducted from the rent.
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