Salaried individuals renting homes can significantly reduce their taxable income by claiming House Rent Allowance (HRA) under the old tax regime. This exemption, available only to those paying rent and receiving HRA as part of their salary, is calculated based on actual allowance, rent paid minus 10% of salary, and a percentage of salary depending on the city. Salaried individuals renting homes can significantly reduce their taxable income by claiming House Rent Allowance (HRA) under the old tax regime. This exemption, available only to those paying rent and receiving HRA as part of their salary, is calculated based on actual allowance, rent paid minus 10% of salary, and a percentage of salary depending on the city.
Trending
- 11-year-old named accused in chargesheet over blaze that killed 72 in Karachi
- PoK erupts as police open fire on protesters amid massive anti-Pakistan rallies – key points
- The long journey to your tap: How India’s biggest cities get their water
- New York based artist Jeena Raghavan presents new solo exhibition in Bangalore
- Boiled, scrambled or poached? Psychology says your favourite egg style reveals your personality
- 4 IndiGo flights cancelled, 13 diverted as rain disrupts Mumbai airport
- Teacher, ex-mechanic: Who are the 8 arrested in Ayodhya Ram Mandir donation embezzlement case?
- EC asks Kavitha’s TRS to suggest new party name after objections
Renting a house? HRA eligibility, tax benefits and key rules explained
By
Add A Comment