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HRA Calculator for HRA Calculation in India 2023| HDFC Life

Use this online HRA exemption Calculator for your HRA calculation to save more tax on your salary. Know the HRA calculation formula, how to calculate HRA and more.

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HRA Calculator for HRA Calculation in India 2023| HDFC Life

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  1. HRA Calculator

  2. What is HRA? House Rent Allowance (HRA) represents an employer-provided allowance intended to aid an employee in meeting their residential rent expenses. This particular element constitutes a portion of the salary disbursed by an employer to an employee. Calculating HRA involves considering various factors like salary, location of residence, company salary structures, and more. Employers typically offer a fixed percentage of the basic salary for HRA deductions. Furthermore, HRA tax exemptions are feasible, as individuals can claim tax benefits under Section 10(13A) and Rule 2A of the Income Tax Act, 1961, which can be facilitated through an HRA calculator.

  3. What are the benefits of HRA calculation using this calculator? There are several benefits of using the HRA tax exemption calculator: The HRA calculator onlinethat you use will never make errors. If you want to test it out, you can use it several times to be doubly sure. Based on the HRA deduction calculation, you can claim your right to tax exemptions under the Income Tax Act, 1961. The HRA tax exemption calculatoralso takes care of all the variables that are a part of the HRA calculation.

  4. What are the documents required to claim HRA deductions? These are some of the documents that are required to claim HRA deductions: Furnish rent receipts that clearly mention the date, landlord’s and tenant’s name, PAN details of the landlord, the address of the rental accommodation, stay duration as well as rent receipt with a revenue stamp that has been cross-signed by the landlord. In case your employer does not offer HRA deduction, you can still claim the HRA exemption under Section 80GG of the Income Tax Act by submitting your PAN details and a copy of the PAN of the landlord, if the rent paid exceeds Rs 1 lakh annually. You will also need a copy of the rental agreement. This rule is applicable even if you are paying rent to your family members. You may also have to show financial transactions made through copies of bank statements.

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