LIC

House Rent Allowance (HRA) is best tax saving tools available to employees. With these you can save upto 50% of your salary if you reside in Metro(40% of your salary if you reside in non-metro).

As per income Tax act, for calculation House rent allowance least of the following is available as deduction :

 

-     Actual HRA received

-     50% / 40%(metro / non-metro) of basic 'salary

-     Rent paid minus 10% of 'salary'.

      Basic Salary for this purpose is basic+ DA forming part+ commission on sale on fixed rate.

 

Cities Like, Delhi, Mumbai, Chennai and Kolkata constitutes Metro.

Cities like Banglore, Gurgaon, Noida, Faridabad, Hyederabad, Pune, Ahmedabad are not considered as metro.These cities are considered as non-metro and accordingly 40% deduction

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