How salaried employees can reduce tax liability by claiming HRA exemption

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Salaried individuals who pay rent and receive House Rent Allowance (HRA) as part of their compensation can lower their taxable income under the old tax regime. The HRA exemption is not available to those who have opted for the new tax regime. The exemption amount is determined by three factors: the actual HRA received, the rent paid minus 10% of basic salary, and a fixed percentage of salary based on the city of residence. Only the lowest of these three calculated values qualifies as the tax-exempt portion. Employees must ensure they are actively paying rent and receiving HRA in their salary structure to be eligible for this benefit.

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