HRA Exemption Calculation for Salaried Employees | House Rent Allowance to Save Income Tax with Old Tax Regime [Hindi]
In this video by FinCalC TV, we will see HRA Exemption Calculation for salaried employees using excel calculator in hindi. This HRA or House Rent Allowance helps us to save income tax with old tax regime. New tax regime does not allow this HRA deductions to be claimed to save income tax.

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CHAPTERS:
00:00 HRA Exemption Calculation Intro
00:40 How to Calculate HRA Exemption?
01:45 Using HRA Calculator on FinCalC Blog
02:33 Example of HRA Exemption Calculation
06:37 HRA Excel Calculator
10:46 Conclusion

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After watching this video following queries will be solved:
What is HRA or House Rent Allowance?
How to calculate HRA exemption amount?
HRA exemption without PAN
HRA exemption without rent receipts
HRA exemption limit and section to save income tax
How to claim the HRA benefit to save Income Tax?
How to claim HRA by paying rent to parents?
How to claim HRA without staying on rent?
When can you not claim HRA exemption?
Claim HRA by staying in different city?
Claim hra and loan emi installments

WHAT IS HRA
HRA full form is House Rent Allowance
If you are salaried employee, you must be receiving HRA component. You can confirm this from your Salary slip of any month
HRA is provided to you so that it helps you pay your rent if you stay in rented accommodation
Not all of us stay on rent, so this HRA amount becomes taxable if you do not stay on rent
But, if you stay on rent, you can claim HRA exemption to reduce your taxable income which will help save your Income Tax
There are certain rules you need to follow along with HRA calculation formula you must use to calculate HRA exemption, because not entire HRA amount can be exempted from taxable income

House rent allowance (HRA) is a basic component of your salary. However, most of us are not familiar about the rules that can help us save tax on it. If you are a salaried employee living on rent, then here's how you can use HRA to reduce your tax liability.

Calculation of taxexempt HRA amount
The amount of HRA received by you from your employer is not fully exempt from tax. The taxexempt portion of the HRA is actually the minimum of the following:
a) Actual HRA received from employer
b) 50 percent of the 'salary' if the accommodation is in the metro cities (Delhi, Mumbai, Chennai, Kolkata) or else 40 percent for other cities
c) Excess rent paid annually over 10 percent of the annual 'salary'

Here 'salary' means basic salary & dearness allowance (DA) only

Special cases to claim HRA benefit
1. Rent paid to your parents
If you are staying with your parents and paying rent to them, you will be eligible to claim the taxexemption on HRA. Experts suggest that it is advisable to have a documented evidence such as rent receipts, financial transactions, rental agreement to avoid rejection of claim by the tax department. There have been instances where the Income Tax department has rejected claims because there was no genuine proof of transactions having taken place.

2. Own a house but staying in a different city
Even if you own a house but are staying in a different city because of your job, then, too, you can claim HRA benefit if you are living in a rented property.

3. When can you not claim HRA exemption
If you are receiving HRA but are staying in our own apartment, then you cannot claim the HRA exemption benefit. The whole HRA amount received will be taxable in your hands.

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