The rent of a house is 1000 Rs per month. Each year the rent is increased by 10% of rent paid that year. I have to stay in that house for 15 years. calculate the following a. What is the rent of the house paid at the 15th year ? b. What is the total amount paid as rent after 15 years ? c. During the last 2 years out of 15 years, there was no 10% increase in rent due to corona. What will be the total amount paid as rent ? d. 15 years ago the house available to buy for 30000 Rs. Is it good to buy or pay the rent ?
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Step-by-step explanation:
House Rent Allowance (HRA) is given by the employer to the employee to meet the expenses in connection with rent of the accommodation which the employee might have to take for his residential purpose. This House Rent Allowance so paid by the employer to his employee is taxable under head “Income from Salaries” to the extent it is not exempt u/s 10(13A)
HRA received
(Less) Exempt u/s 10(13A)
(=) Taxable Amount
The balance amount after claiming HRA Exemption would be added in the total salary of the employee and would be taxed as per the income tax slab rates. Recommended Read:-
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