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A component of salary provided by employers to meet rental accommodation expenses.
HRA is an allowance provided by employers as part of an employee's salary to cover rental accommodation costs. Under Section 10(13A) of the Income Tax Act, HRA is partially or fully exempt from tax. The exemption is the least of: actual HRA received, rent paid minus 10% of basic salary, or 50% of basic salary (metro cities) / 40% (non-metros). HRA exemption is available only under the Old Tax Regime. Employees living in their own house or not paying rent cannot claim HRA.
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