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HRA Declaration Form PDF Details
HRA Declaration Form PDF
PDF Name
HRA Declaration Form
No. of Pages 03
PDF Size 43.6KB
Language  English
Category Government

HRA Declaration Form

Many salaried individuals get HRA, or House Rent Allowance, which is paid as part of their compensation. However, did you know that if you rent your home, you may be eligible for an HRA tax exemption? If you are a salaried employee or an independent contractor, you may qualify for an HRA exemption under Section 80GG. Let’s examine the House Rent Allowance, how it is calculated, and some often asked questions.

What is HRA or House Rent Allowance

Your company provides House Rent Allowance as a benefit for your leased space. Even if your company doesn’t give you any HRA or if you work for yourself, you are still eligible for this HRA exemption. The catch is that in order to be free from tax deductions for HRA, you must reside in rental housing. People who get HRA from their job and own a home are not eligible for tax deductions under the HRA exemption section.

How is House Rent Allowance Determined

  • Your HRA is equal to 50% of your base pay if you reside in a major city. Your HRA should be equivalent to 40% of your base pay in any other city.
  • If you do not get a dearness allowance or commissions, your HRA should be in the range of 40% to 50%.

HRA Calculation

You may estimate your HRA using the following variables:

  • the real amount of rent paid less ten percent of your base pay.
  • the HRA that was actually paid to you.
  • fifty percent of your base pay (for a metropolitan city).
  • The HRA that you may deduct from your taxes is the lowest sum of these three.

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