House Rent Allowance Exempt – 10(13A)
The least of the following three is exempted under HRA:
- Actual HRA received : Rs. X
- Amount rent paid in excess of 10% of Salary : Rs.Y
- 50% of Basic Salary (including DA) in Metro Cities or 40% of Basic Salary (including DA) in other cities : Rs.Z
Download Automatic House Rent Exemption Calculator U/s 10(13A)
Least of X, Y Z is exempted. Read with Rule 2A of IT Rules 1962
NOTE: According
to the notification issued by the Income tax department, now landlord’s
PAN card is a must to get income tax deduction against HRA allowance.
One will have to submit PAN card as a proof if he is applying for more
than 15000 per month.
Download Automated Form 16 Part B for FY 2014-15 ( This Utility Can Prepare at a time 100 employees Form 16 Part B]
S.No
|
I.T. Sec.
|
Nature of Deduction
|
Amount of Deduction
|
1
|
80 CCE
|
Limit on Deduction u/s.80C, 80CCC & 80CCD
|
Maximum
overall Deductions allowed u/s. 80C, 80CCC & 80CCD is Rs. 1,00,000
(Employer contribution is deductible without any limit from fy 2011-12)
|
1a)
|
80 C
|
Life
Insurance Premium, PF, PPF, NSC, ELSS, Units of Mutual Fund referred to
u/s.10(23D), Tuition Fees(max. 2 Children), Repayment of Principal of
Housing loan, Bank Fixed Deposit of 5 yrs period, notified Bonds of
NABARD, Deposit in an account under Senior Citizens Savings Scheme
rules, 5 year time deposit in an account under Post Office Time Deposit
Rules, 1981 etc.
|
Maximum
overall Deductions allowed u/s. 80C, 80CCC & 80CCD is Rs. 1,00,000
(Employer contribution is deductible without any limit from fy 2011-12)
|
1b)
|
80 CCC
|
Premium paid towards approved Pension Fund (like LIC’s Jeevan Suraksha) max. 1 lakh.
|
Maximum
overall Deductions allowed u/s. 80C, 80CCC & 80CCD is Rs. 1,00,000
(Employer contribution is deductible without any limit from fy 2011-12)
|
1c)
|
80 CCD
|
Contribution to Central Government Pension Schemes. Up to 10% of salary with matching contribution from Government.
|
Maximum
overall Deductions allowed u/s. 80C, 80CCC & 80CCD is Rs. 1,00,000
(Employer contribution is deductible without any limit from fy 2011-12)
|
2a)
|
80 D
|
Medical
Insurance Premium paid by an individual/HUF by any mode of payment
other than cash to effect or keep in force an insurance on the health of
the assessee (self) or his family (spouse & dependent children) for
policies taken from General Insurance Corporation /other approved
Insurance Regulatory and Development Authority or any contribution made
to the Central Government Health Scheme.
|
Up to Rs.15,000
|
2b)
|
80 D
|
Medical
Insurance Premium paid by an individual/HUF by any mode of payment
other than cash to effect or keep in force an insurance on the health of
his/her parent or parents for policies taken from General Insurance
Corporation /other approved Insurance Regulatory and Development
Authority or any contribution made to the Central Government Health
Scheme.
|
Up to Rs.15,000
|
2c)
|
80 D
|
For Senior Citizens
|
Up to Rs.20,000
|
3
|
80 DD
|
(a) Any
expenditure for Medical, Nursing & Rehabilitation incurred on
dependant suffering from permanent disability including blindness,
mental retardation, autism, cerebral palsy or multiple disabilities
(b) Deposits under LIC, UTI’s Scheme & other IRDA approved insurers for the benefit of physically handicapped dependent
|
Rs. 50,000 (Rs.1,00,000 if the disability is severe exceeding 80%)
|
4a)
|
80 DDB
|
Actual
expenditure incurred on Medical treatment of Self or dependant or a
member of HUF suffering from terminal diseases like Cancer, AIDS, Renal
failure etc.
|
Up to Rs.40,000
|
4b)
|
80 DDB
|
For Senior Citizens(self or dependent on whom expenditure on medical treated is taken)
|
Up to Rs.60,000
|
5
|
80 E
|
Interest
on loan taken from Financial/Charitable Institutions for
Self/Spouse/Children for pursuing Higher Education (for a max. period of
8 yrs)
|
Actual Interest repaid
|
6a)
|
80 G
|
Donations made to National Defence Fund, Prime Minister’s Relief Fund, approved Funds of repute
| |
6b)
|
80 G
|
Donations
made to Jawaharlal Memorial Fund, PM’s Drought Relief fund, Any
approved Charitable Institution/Trust, Religious Institutions, a
corporation established by the Government for promoting interest of the
members of a Minority Community
|
50% of Donation restricted to 10% of Adjusted Gross Total Income
|
7
|
80 GG
|
Deduction
in respect of rents paid, provided the assessee is not in receipt of
HRA and no house is owned by self, spouse, minor child or HUF in the
place of work subject to filing of declaration in Form No.10BA
|
25% of income or rent paid in excess of 10% of income or ceiling of Rs.24,000 p.a whichever is less
|
8
|
80 U
|
Persons suffering from Permanent Physical Disability as specified in Rule 11D
|
Rs.50,000 (Rs.1,00,000 in case of severe disability)
|
