HRA calculator is an online tool developed by Quicko to help users calculate the HRA exemption & helps maximize their tax savings. It can be calculated annually and monthly. It also identifies the ideal rent amount to fully utilize your HRA allowance based on your salary breakdown.
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No, HRA exemption can be claimed only if HRA is received as a component of salary from their employer. However, if an individual is self-employed they can claim a deduction u/s 80GG for rent paid by them.
No, a taxpayer can not claim HRA exemption and deduction of 80GG simultaneously.
HRA calculator computes the "Ideal Rent” based on your Salary breakdown i.e. Basic Salary, Dearness Allowance, HRA received and the City of Residence. This is the optimal amount of rent that can be paid to claim the maximum amount of exemption from the HRA received.
Yes, individuals are eligible for HRA exemption when living with their parents, provided their parents own the house and there is a rental agreement in place between the individual and their parents.
Yes, you can claim HRA if you live in a different city from where you work, provided you're paying rent for your accommodation. The tax benefits depend on the actual rent paid, and the city of residence can influence the amount eligible for tax exemption.
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