Q1: Can I claim HRA exemption if I have a home loan interest deduction?
A1: Yes, you may claim the HRA as it has no bearing on your home loan interest deduction. Both can be claimed.
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Q2: Is there a calculator to determine my HRA exemption?
A2: Yes, you can try out our free HRA calculator. It will show you on what part of your HRA you have to pay taxes and how much is taxable and exempt from tax.
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Q3: Who receives House Rent Allowance (HRA)?
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A3: HRA is paid by an employer to employees as part of their salary to meet accommodation expenses.
Q4: What is HRA tax exemption for rented flats in FY 2022-23?
A4: If you have lived in a rented flat in FY 2022-23 and received HRA from your employer, you are entitled to claim HRA tax exemption.
Q5: Can a salaried person claim tax benefits with respect to HRA?
A5: Yes, HRA exemptions are allowed under the Income Tax Act. A salaried person can claim tax benefits under Section 10 (13A) of the Act.