Salaried individuals renting homes can significantly reduce their taxable income by claiming House Rent Allowance (HRA) under the old tax regime. This exemption, available only to those paying rent and receiving HRA as part of their salary, is calculated based on actual allowance, rent paid minus 10% of salary, and a percentage of salary depending on the city.
Salaried individuals renting homes can significantly reduce their taxable income by claiming House Rent Allowance (HRA) under the old tax regime. This exemption, available only to those paying rent and receiving HRA as part of their salary, is calculated based on actual allowance, rent paid minus 10% of salary, and a percentage of salary depending on the city.
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