How much of my HRA is exempt from tax?
The entire HRA received is not always fully exempt from tax. The least of the following three will be taken to exempt from tax:
- HRA received from your employer
- Actual rent paid minus 10% of salary
- 50% of basic salary for those living in metro cities...continue reading
What should I do if I forgot to submit the rent receipts to my employer?
If you didn’t submit rent receipts to your company HR at the time of proof submission, you can claim HRA later on when you file your income tax returns. To claim this, adjust your taxable income to include... continue reading
Can I claim HRA if I’m also claiming home loan deductions?
Yes, you can. If you’re a homeowner and you are paying back your home loan, you can also claim HRA if you live in a rented property. You are allowed to avail both the benefits to lower your taxable income.