HRA Calculator – Rent Exemption Calculator
Calculate your House Rent Allowance (HRA) exemption and taxable HRA. Fits Metro and Non-metro categories under the Income Tax act.
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How HRA Exemption is Calculated
House Rent Allowance (HRA) is paid by employers to offset housing costs. Tax-exempt HRA is calculated under Section 10(13A) of the Income Tax Act. It is the minimum of three values: 1) Actual HRA received, 2) Rent paid minus 10% of basic salary + DA, or 3) 50% of basic salary for metros (40% for non-metros).
To claim HRA exemptions, you must present rent receipts or a registered lease agreement. If annual rent paid exceeds ₹1,00,000, declaring the landlord's PAN is mandatory.
Frequently Asked Questions (FAQ)
1. Can I claim both HRA and home loan interest tax benefits?
Yes, you can claim both if you live in a rented house while your own home is let out or located in a different city for work reasons.
2. What if my landlord does not have a PAN?
You must obtain a written declaration (Form 60) from the landlord stating they do not have a PAN, otherwise the exemption claim may be rejected.