Can I claim HRA exemption if I have not submitted rent receipts?
Yes, you can claim HRA exemption by lowering your taxable income at the time of filing your return. However, you must calculate exempt HRA using calculator and subtract the same from your taxable income.
How can I claim exempt HRA?
As an employee, you must submit Form-12BB investment declaration to your Employer to claim an exemption on HRA. You must also submit rent receipts signed by your landlord as a supporting document.
How to calculate exempt HRA?
Enter the following details to calculate your HRA exempt from income tax: 1. Basic Salary 2. Rent Paid 3. HRA (House Rent Allowance) received 4. Select if you are living in a metro city or not
Which are the metro cities considered to calculate HRA?
Calculation of exempt HRA may differ based on if the taxpayer is living in a metro city or not. The metropolitan cities for HRA calculation are Delhi, Mumbai, Chennai, Kolkata.
What are the conditions to calculate HRA exempt from Income Tax?
To calculate the exempt HRA, the lower of the following amount will be considered: 1. Actual HRA received 2. 50% of the basic salary 3. Excess rent paid over 10% of the annual salary
Where can I find salary details to use HRA calculator?
To use HRA calculator you need details like basic salary, dearness allowance, HRA received. You can find these salary details in your salary slips or Form 16 for that financial year.
Can I claim HRA exemption under the New Income Tax Regime?
From FY 2020-21 onward, employees opting for New Tax Regime can not claim an exemption on HRA. HRA Exemption is only available if an employee opts for the Old Tax Regime. Check which Income Tax Regime is better for you using Income Tax Calculator.
What is the formula for HRA calculation?
To calculate HRA, the lower of the following is used: