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REQUEST FOR G.O. FOR TAX RELAX DUE TO HOUSE RENT

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  • February 27, 2012 at 3:38 am #67202
    unknown
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    AS SAY IN DISCUSSION IN ‘BARTWAN PATRIKA’ TAX RELAXATION CAN BE GET IF (BASIC+DA)*1.2<30000 THEN HOUSE RENT IN ONE YEAR MINUS THE AFORESAID AMOUNT IS RELAXED IN TAX WITHOUT SUBMISSION OF RENT BILL. IS IT TRUE? WHAT IS THE g.o......

    February 27, 2012 at 4:27 am #71454
    unknown
    Participant

    As per rule 10(13A) some exemption of income tax may be availed due to excess payment of House Rent from the actual House Rent Received from the employer. For having such kind of exemption the employee must furnish rent receipt along with a calculation sheet to the employer. I shall try to post a calculation sheet in excel to help you in this regard. Please provide me some time as I am busy now a days.

    February 27, 2012 at 7:00 am #71455
    unknown
    Participant

    TAX RELAXATION CAN BE GET IF (BASIC+DA)*1.2<30000 THEN HOUSE RENT IN ONE YEAR MINUS THE AFORESAID AMOUNT IS RELAXED IN TAX WITHOUT SUBMISSION OF RENT BILL. IS IT TRUE? WHAT IS THE g.o......

    I dont think so.
    Say, you reside in a rented house, of which the rent paid is Rs. 4000/- per month i.e. Rs. 48,000/- annually.
    Say, your (Basic + DA + Special Allowance + other allowance e.g. NPP) = 2,00,000/- annual.
    and say, you receive HRA in a year is Rs. 24,000/-
    The minimum of the following amounts shall be Rs. 28,000/-
    1. HRA received = Rs. 48,000/-
    2. House Rent Paid – 10% of (Basic + DA + Special Allowance + other allowance e.g. NPP) = Rs. 48,000 – Rs. 20,000 = Rs. 28,000/-
    3. 40% or 50% of (Basic + DA + Special Allowance + other allowance e.g. NPP) = 1,00,000/-
    So, while calculating I.Tax an amount of Rs. 28,000 will be deducted from your gross salary.
    The above calculation is based on rule 10(13A) of Income Tax Act. To get this exemption rent receipt must be submitted.

    February 27, 2012 at 11:49 am #71456
    unknown
    Participant

    Attaching a PDF file regarding tax relaxation due to house rent downloaded from http://incometaxindia.gov.in/. Hope it will solve your problem. Thanks,

    February 27, 2012 at 1:35 pm #71457
    unknown
    Participant

    yes, the above page from income tax department may be considered as G.O. thank you droy for providing such, relevant and accurate information.

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