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Lets assume you have HRA as a salary component. So the next step is to calculate the taxation aspect of the HRA Component. In order to do this, you need the following:
1. Your Basic Salary
2. The Actual HRA Component in your Salary
3. The Actual Rental paid every month
4. Whether you live in a Metro or a non-metro
Once you have these details, try to calculate the following numbers:
1. If you are in a Metro - take 50% of your Basic salary and if not, take 40% of your Basic Salary
2. The Actual monthly HRA component from your salary
3. The Actual Rent paid - 10% of your Basic Salary
Of these 3 figures whichever is the least is your eligible tax deduction against HRA.
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Lets assume you have HRA as a salary component. So the next step is to calculate the taxation aspect of the HRA Component. In order to do this, you need the following: 1. Your Basic Salary 2. The Actual HRA Component in your Salary 3. The Actual Rental paid every month 4. Whether you live in a Metro or a non-metro Once you have these details, try to calculate the following numbers: 1. If you are in a Metro - take 50% of your Basic salary and if not, take 40% of your Basic Salary 2. The Actual monthly HRA component from your salary 3. The Actual Rent paid - 10% of your Basic Salary Of these 3 figures whichever is the least is your eligible tax deduction against HRA.
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