As per Income tax act employee will the HRA exemption of the following:-
Actual HRA received by the employee- In your salary slip HRA component are mention & their amount are also mentioned.
In your case HRA =7500/-
2. 50% of Basic (if in metro i.e. Delhi, Mumbai, Kolkata & Chennai Only) / 40% of basic (if in non-metro i.e. Other cities)
3. Rent paid minus 10% of basic
Example-
Basic Salary = Rs. 15000
HRA =Rs. 7500
Condition 1- HRA mentioned in your salary slip i.e. your eligibility is Rs. 7500/- per month
Condition 2- 50% of Basic i.e. your eligibility is Rs. 15000*40% = Rs.6000/- per month (suppose you are stay in non-metro)
Condition 3-Rent paid -10% of basic i.e. 10000-10% * 15000 i.e. Rs. 8500/-
Suppose you are stay in rent & the rant amount is Rs. 10000
From the above “least of three” rule,
Therefore HRA exemption limit is Rs. 6000/-per month
Regards,
Rakesh