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HRA AND HOME LOAN - Megasoft Solutions Pvt Ltd

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HRA AND HOME LOAN - Megasoft Solutions Pvt Ltd Powered By Docstoc
					                  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
                 set off against salary income as well as HRA portion of his salary exempted unless he prov
                 he has to stay away from his own home on which he is paying the housing loan interest. In
                 can still take both the benefits; for this you can use this software. We have assumed that
                 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.


Put your details in the table below and then press the button analyse.



  Months              Basic                 DA              HRA               Total Interest         Home Loan
                      Salary                             Allowance              payable              Int. to Bank
      April
       May
      June
       July
    August
 September
   October
 November
 December
   January
  February
     March
TOTAL                          -                -                     -                      -                    -

Note : If you don't know the components of Interest and Principal in EMIs then ask your home loan prov
that you should get this bifurcation on monthly basis. If you have yearly figures or figures for the peri
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
house which is owned by you and for which you have mentioned the EMI interest and Principal here.

Disclaimer :

The intention of this software is to purely bring to the notice of the salaried class people that if they can t
then they must. Simultaneously, one should note that the intention of this software is not to enco
scenarios just to evade the tax. The scenarios should be real and not artificial. Secondly, we claim no
this small software which simplifies your understanding by solving the complex calculations. This so
making the calculations simple and understandable. The above calculation has nothing to do with any sp
till the time law states the exemption criteria and set off criteria for the above calculation. I
                              Disclaimer
benefits effectively.




benefits like Interest on Home loan paid as loss from house property
 lary exempted unless he proves that because of employment reason
g the housing loan interest. In cases where he can't prove it, how he
ware. We have assumed that 70 kms is a reasonable distance away
 his office for job reason.




y away from your own home .

                                                 1


                       Go to my Blog       www.megasoftsol.com



               Home Loan Rent*         Rent**    Municipal  HRA Reduction in
               Int. to party Payable Receivable Taxes***   Exempt Taxable income
                                                              -
                                                              -
                                                              -
                                                              -
                                                              -
                                                              -
                                                              -
                                                              -
                                                              -
                                                              -
                                                              -
                                                              -
                        -        -          -          -      -

hen ask your home loan provider about it. Further it is not necessary
figures or figures for the period then you may divide it by 12 or the
A exempted



e in your society maintenance bill. Municipal taxes should be on that
terest and Principal here.



class people that if they can tax plan their income in more better way
this software is not to encourage people by creating any artificial
 icial. Secondly, we claim no responsibility whatsoever for the use of
omplex calculations. This software is provided just for the sake of
 has nothing to do with any specific assessment year. It is applicable
e calculation. I

				
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posted:5/14/2010
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