HRA Calculator: Maximize Your House Rent Allowance Benefits
Welcome to our HRA Calculator, your go-to tool for optimizing your House Rent Allowance (HRA) benefits. Whether you are a salaried employee seeking to understand your HRA exemption or a tax planner looking for precise calculations, our HRA Calculator provides an easy-to-use interface to help you compute your HRA exemption accurately.
How to Use the HRA Calculator
- Enter Your Basic Salary: Input your monthly basic salary.
- Input Your HRA Received: Enter the HRA amount you receive each month.
- Rent Paid: Fill in the monthly rent you pay.
- City of Residence: Select whether you live in a metro city or a non-metro city, as the calculation criteria differ.
Why Use Our HRA Calculator?
- Accurate Calculations: Based on the latest tax rules and guidelines.
- User-Friendly Interface: Simple and intuitive design for hassle-free calculations.
- Instant Results: Get your HRA exemption calculated instantly.
Understanding HRA Exemption
House Rent Allowance (HRA) is a crucial component of your salary if you live in a rented house. The HRA exemption can be claimed under Section 10(13A) of the Income Tax Act. The amount of HRA exemption is the minimum of the following three amounts:
- Actual HRA received.
- 50% of (Basic salary + Dearness Allowance) for those living in metro cities (40% for non-metro cities).
- Actual rent paid minus 10% of (Basic salary + Dearness Allowance).
Make the most of your salary with our HRA Calculator. Ensure you claim the right amount of exemption and save on taxes.
