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Ask an Expert to Buy Life Insurance

We're happy to know that you're prioritizing your family's future. Our life insurance expert will assist you in finding the best insurance plan. To schedule a call, please share some of the below details.

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What is HRA Calculator?

If you find rentals in the city exorbitant, HRA or House Rent Allowance can help increase your savings. HRA is an employer-provided compensation for house rental expenses that is included in your salary and makes part of your salary non-taxable. You can easily do your HRA calculation online to determine how much tax you save with an HRA calculator.
 

If you look at your salary statement, you will see various components - basic pay, provident fund, dearness, and different other allowances. HRA is one such component and the HRA calculator helps you understand how much of that amount is taxable and how much is exempted.

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IndiaFirst Life Radiance Smart Invest Plan

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IndiaFirst Life Radiance Smart Invest Plan
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Investment
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A ULIP insurance plan that can help you build a legacy by combining wealth growth and life coverage. This plan can help safeguard your finances and earn returns. Enjoy 2 benefits in 1 plan with IndiaFirst Life Radiance Smart Invest Plan.

Product Benefits
  • Zero Fund allocation charges
  • 10 different funds to choose from
  • 3 plan options to achieve your investment goals
  • 100% money invested for higher returns
  • Life cover charges returned at the end of policy year

 

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Indiafirst Life Guaranteed Single Premium Plan

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Indiafirst Life Guaranteed Single Premium Plan
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Guaranteed Returns
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Wondering if there is a way to get 7x return on your investments? Your search ends here! With this single payment plan, you can achieve your financial goals.

Product Benefits
  • Guaranteed 7x returns on investment
  • One-time payment (Single Pay)
  • Tax saving benefits
  • Life Cover that is 1.25 times higher
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IndiaFirst Life Guarantee of Life Dreams Plan

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IndiaFirst Life Guarantee of Life Dreams Plan
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Wouldn't it be wonderful if we had a second source of income to support our dreams? Here is a way to make your dreams come true where you can start earning an income from the end of the 1st month itself.

Product Benefits
  • Choice of 3 income Options
  • Guaranteed Long-Term Income
  • Life Insurance Cover
  • Benefits of long-term Savings
  • Protection even if you miss one premium
  • Tax benefits
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IndiaFirst Life Guaranteed Pension Plan

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IndiaFirst Life Guaranteed Pension Plan
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Step into worry-free retirement planning with IndiaFirst Life Guaranteed Pension Plan. Enjoy peace of mind knowing your future is protected. Secure lifelong income with added benefits and protection from critical illness.

Product Benefits
  • Income for Life
  • 5 Annuity Choices
  • Joint Life Security
  • Escalating Annuity option
  • Guaranteed Return of Purchase Price
  • Lifetime Protection
  • Critical Illness Cover
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Benefits of using HRA Calculator

An HRA calculator helps you check your HRA exemption from taxes and taxable components 

The HRA calculator enables financial planning

The HRA calculator works like an HRA calculation for income tax, as its accurate calculations clearly shows you how much of your salary is taxable and how much is tax-exempt. This can help you plan your finances and reinvest the money saved to create wealth to achieve long term goals.

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It helps save time

Utilizing an HRA calculator saves time compared to manual calculations. Individuals can swiftly determine their tax benefits, with just a few inputs, without the need for complex calculations or consulting tax experts

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It provides easy comparison

Individuals can use the HRA calculator to compare different scenarios, such as varying levels of HRA received or actual rent paid, to understand how these factors impact their tax savings. This enables informed decision-making regarding housing choices and salary negotiations.

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How do Retirement Calculators work?

How does the HRA calculator work?

HRA exemption calculator works as per the guidelines set by Rule 2A of the Income Tax Rules, which state that the lowest amount can be deducted as your HRA exemption under Section 10(13A) of the Income Tax Act, from the below criteria:

  1. Actual HRA received from the employer

  2. If you live in a metro city: 50% of Basic Salary + Dearness Allowance

  3. If you live in a non-metro city: 40% of Basic Salary + Dearness Allowance

  4. Actual rent paid minus 10% of Basic Salary + Dearness Allowance
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How to use HRA Calculator

Step 1

Enter Details

Enter your salary details like Basic Salary, Dearness Allowance, HRA Received, Rent Paid and select if you’re working a metro city

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Step 2

Taxable HRA and HRA Exempted

Once you click on calculate after entering the details you can check your taxable HRA and exempted GRA along with other calculation details

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Frequently Asked Questions

Can I claim 100% HRA?

Answer

No, you cannot claim tax exemption on your full rental amount.

Can I get a tax rebate if I am staying in my own house?

Answer

No, you can get a rebate only if you stay in rented premises.

Can I get both an HRA tax exemption and a tax rebate on my home loan?

Answer

If you own a home for which you are repaying a home loan, as well as receiving HRA as part of your salary, then you are eligible for both an HRA tax exemption as well as a tax rebate on your home loan.

What amount of HRA is tax free?

Answer

40% of salary + Dearness Allowance if you live in a non-metro city, or 50% of salary+ Dearness Allowance if the rented property is in a metro city like Mumbai, New Delhi, Kolkata, and Chennai. The actual rent paid should be less than 10% of salary.

What are the documents required to claim the HRA exemption?

Answer

You Will Require:

  • Rent receipts
  • Pan card of your landlord and self if the rent is above Rs. 1 lakh per annum
  • Copy of rent agreement

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