Question
Provisions for calculating House rent allowance
Answer :
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House Rent Allowance (HRA) is a component of salary received by employees to meet rental expenses for accommodation. Under Section 10(13A) of the Income Tax Act, read with Rule 2A, exemption on HRA is available to salaried individuals residing in rented houses. The exemption is calculated as the least of the following: actual HRA received, rent paid minus 10% of salary, or 50% of salary if residing in metro
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