HRA and Home Loan - Tax Benefit Calculator
Content
How to claim HRA EXEMPTION and Home Loan Interest benefits effectively. Understanding :
Normally it is known that the person can't take simultaneous benefits like Interest on Home lo paid as loss from house property set off against salary income as well as HRA portion of his salary exempted unless he proves that because of employment reason he has to stay away his own home on which he is paying the housing loan interest. In cases where he can't prov how he can still take both the benefits; for this you can use this software. We have assumed 70 kms is a reasonable distance away from office so that person can stay in rented premises near to his office for job reason.
You are Living in
Metro
and stay in Rented premises
Your own home (not taken on rent) is away from office by more than 70 kms or your job forces you to stay away from your own home Your home (not taken on rent) is away from office by less than 70 kms.
There is no special planning needed in your case since you can always claim HRA exemption as well as Interest on Home Loan taken as loss for setting it off against salary income
Months April May June July August September October November December January February March TOTAL
Basic Salary
DA
HRA Allowance
Total Interest payable
Home Loan Int. to Bank
-
-
-
-
-
Note : If you don't know the components of Interest and Principal in EMIs then ask your home loan provider about it. Further it is not necessary that you should get this bifurcation on monthly basis. If you have yearly figures or figures for the period then you may divide it by 12 or the period for which the components are given to arrive at the monthly figures. * Rent may be the likely rent that you would be paying to get maximum HRA exempted ** Rent that you would get if you would have let out your own house property
*** Municipal Taxes are the taxes you are paying every month on the house in your society maintenance b Municipal taxes should be on that house which is owned by you and for which you have mentioned the EM interest and Principal here. More such softwares available at Disclaimer : http://finance.groups.yahoo.com/group/TaxFinSoft/
The intention of this software is to purely bring to the notice of the salaried class people that if they can tax then they must. Simultaneously, one should note that the intention of this software is not to encourage pe just to evade the tax. The scenarios should be real and not artificial. Secondly, we claim no responsibility software which simplifies your understanding by solving the complex calculations. This software is provid calculations simple and understandable. The above calculation has nothing to do with any specific assess law states the exemption criteria and set off criteria for the above calculation. If anyone has any grievance [email protected]
Disclaimer
benefits effectively.
enefits like Interest on Home loan as well as HRA portion of his t reason he has to stay away from In cases where he can't prove it, software. We have assumed that on can stay in rented premises
you to stay away from your own home .
2
m HRA exemption as well as
Home Loan Rent* Rent** Municipal HRA Reduction in Int. to party Payable Receivable Taxes*** Exempt Taxable income ### ### ### ### ### ### ### ### ### ### ### ### ### -
en ask your home urcation on monthly e it by 12 or the period
exempted
in your society maintenance bill. ch you have mentioned the EMI
ftwares available at
yahoo.com/group/TaxFinSoft/
lass people that if they can tax plan their income in more better way oftware is not to encourage people by creating any artificial scenarios dly, we claim no responsibility whatsoever for the use of this small tions. This software is provided just for the sake of making the to do with any specific assessment year. It is applicable till the time . If anyone has any grievances, please write to me at
Normally it is known that the person can't take simultaneous benefits like Interest on Home lo paid as loss from house property set off against salary income as well as HRA portion of his salary exempted unless he proves that because of employment reason he has to stay away his own home on which he is paying the housing loan interest. In cases where he can't prov how he can still take both the benefits; for this you can use this software. We have assumed 70 kms is a reasonable distance away from office so that person can stay in rented premises near to his office for job reason.
You are Living in
Metro
and stay in Rented premises
Your own home (not taken on rent) is away from office by more than 70 kms or your job forces you to stay away from your own home Your home (not taken on rent) is away from office by less than 70 kms.
There is no special planning needed in your case since you can always claim HRA exemption as well as Interest on Home Loan taken as loss for setting it off against salary income
Months April May June July August September October November December January February March TOTAL
Basic Salary
DA
HRA Allowance
Total Interest payable
Home Loan Int. to Bank
-
-
-
-
-
Note : If you don't know the components of Interest and Principal in EMIs then ask your home loan provider about it. Further it is not necessary that you should get this bifurcation on monthly basis. If you have yearly figures or figures for the period then you may divide it by 12 or the period for which the components are given to arrive at the monthly figures. * Rent may be the likely rent that you would be paying to get maximum HRA exempted ** Rent that you would get if you would have let out your own house property
*** Municipal Taxes are the taxes you are paying every month on the house in your society maintenance b Municipal taxes should be on that house which is owned by you and for which you have mentioned the EM interest and Principal here. More such softwares available at Disclaimer : http://finance.groups.yahoo.com/group/TaxFinSoft/
The intention of this software is to purely bring to the notice of the salaried class people that if they can tax then they must. Simultaneously, one should note that the intention of this software is not to encourage pe just to evade the tax. The scenarios should be real and not artificial. Secondly, we claim no responsibility software which simplifies your understanding by solving the complex calculations. This software is provid calculations simple and understandable. The above calculation has nothing to do with any specific assess law states the exemption criteria and set off criteria for the above calculation. If anyone has any grievance [email protected]
Disclaimer
benefits effectively.
enefits like Interest on Home loan as well as HRA portion of his t reason he has to stay away from In cases where he can't prove it, software. We have assumed that on can stay in rented premises
you to stay away from your own home .
2
m HRA exemption as well as
Home Loan Rent* Rent** Municipal HRA Reduction in Int. to party Payable Receivable Taxes*** Exempt Taxable income ### ### ### ### ### ### ### ### ### ### ### ### ### -
en ask your home urcation on monthly e it by 12 or the period
exempted
in your society maintenance bill. ch you have mentioned the EMI
ftwares available at
yahoo.com/group/TaxFinSoft/
lass people that if they can tax plan their income in more better way oftware is not to encourage people by creating any artificial scenarios dly, we claim no responsibility whatsoever for the use of this small tions. This software is provided just for the sake of making the to do with any specific assessment year. It is applicable till the time . If anyone has any grievances, please write to me at
