Rs 2.40 lakhs
People also ask
Is House Rent Allowance (HRA) taxable in India?
People living in metro cities often enjoy higher exemption from HRA. The amount of exemption may vary depending upon the city in which you reside. Out of the total HRA received, Rs () is exempted from tax and Rs () will be taxable as your salary income. House rent allowance (HRA) is a basic component of your salary.
What are the tax exemptions on House Rent Allowances?
Even if the employer refuses to provide for the tax benefits of the House Rent Allowances, the employee can claim the HRA tax exemption when he or she files the income tax returns. The exempted monetary amount can be received as the refund of the excess TDS. Tax Exemptions on HRA When the Rent is Paid by More Than 1 Member of the Family:-
What are the tax exemptions in India?
There are exemptions from tax like Property Tax and income tax if the taxpayer has children or dependents who depend on him for finances. The various sections of tax exemptions in India are as follows: There are exemption specifically for non-citizens, NRIs and for funds, institutions, etc.
What are the tax exemptions for house rent under Section 80 GG?
The Section 80 GG of the Income Tax Act provides for the tax exemptions, for the expenditures that are made towards the House Rent. But the HRA exemptions under this particulars section are available to the employee only when he or she has not claimed the deduction under any other section of the Income Tax (IT) Act.