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Exempted HRA
Taxable HRA
A gold loan is a popular financial product in India where individuals can pledge their gold jewelry or ornaments to secure a loan. Here’s a quick overview:
Gold loans are widely used in India, especially for agricultural, business, and personal needs, due to the high value and widespread ownership of gold in Indian households.
Gold loan calculators are useful tools that help borrowers estimate the loan amount they can secure based on the value of their gold. By entering details like the weight and purity of the gold, along with the current market price, these calculators give an instant estimate of the loan amount, interest rates, and EMI options.
This helps individuals make informed decisions before applying for a gold loan, ensuring they borrow the right amount while understanding the repayment structure. They save time, reduce confusion, and empower users to plan their finances better.
To use a gold loan calculator, you typically need to provide the following details:
Using these inputs, the calculator estimates:
Let’s talk about how to use a Gold Loan Calculator can benefit you:
A gold loan is a secured loan where you pledge your gold jewellery or ornaments as collateral to borrow money. The loan amount is determined based on the value of the gold, and the lender holds your gold until the loan is repaid.
Indian residents aged 18 years and above can apply for a gold loan. Both salaried and self-employed individuals are eligible, provided they have gold to pledge and can meet the lender's documentation requirements.
You can pledge gold jewellery or coins with a purity ranging from 18 to 24 carats. Gold coins should be issued by banks and not exceed 50 grams per customer, as per RBI guidelines.
The loan amount is based on the Loan-to-Value (LTV) ratio, which is the percentage of the gold's value that can be borrowed. As per RBI regulations, the LTV ratio is capped at 75%.
Commonly required documents include:
Government-issued photo ID (Aadhaar, PAN, Passport, Voter ID), Address proof (Utility bill, Bank statement), Passport-sized photographs, Gold jewellery or coins for valuation .
Repayment options vary by lender but typically include:
RepayEMI (Equated Monthly Installment): Regular monthly payments covering both principal and interest.ment options vary by lender but typically include:
Bullet Repayment: Repay the entire principal and interest at the end of the loan tenure.
Interest-only Repayment: Pay only the interest during the loan tenure and the principal at the end .
Yes, most lenders allow loan foreclosure or prepayment. However, some may charge a fee if the loan is closed within a specified period, such as 6 months.
Yes, reputable lenders implement stringent security measures to ensure the safety of your pledged gold. In case of any loss, they are typically responsible for compensating the value of the gold.
If you default on repayment, the lender may auction your pledged gold to recover the outstanding loan amount. It's essential to understand the terms and conditions before availing a gold loan.
Yes, additional charges may include: Processing fee,Valuation fee, and Penal charges for late payment or foreclosure
House Rent Allowance (HRA) is the allowance paid by your employer to help you cover rental expenses. It is a part of your salary and depends on various factors like your basic salary, city of residence, and company policy. You can claim tax exemption on HRA under Section 10(13A) and Rule 2A of the Income Tax Act, 1961.
Salaried individuals receiving HRA: Can claim exemption under Section 10(13A).
Salaried or self-employed individuals not receiving HRA: Can claim rent deduction under Section 80GG.
An HRA calculator helps you compute the tax-exempt portion of your HRA. Just input your salary details, rent paid, and city of residence to get the exempt and taxable HRA amounts.
Jar’s HRA calculator in India is an effective and painless way to calculate your HRA exemption without errors.
Using these inputs, the calculator estimates:
Let’s talk about how to use a Gold Loan Calculator can benefit you:
The tool will display:
Before we get down to the calculation, it is important to note that the salary here is a combination of the basic salary plus the dearness allowance, and other commissions.
The exemption limit is the lowest of the three heads mentioned:
Let’s take an example to understand this better, and figure the HRA calculation for income tax.
A salaried individual working in Bangalore earns a basic salary of ₹6,00,000 per annum. She receives an HRA of ₹2,70,000 annually and pays a monthly rent of ₹25,000 (₹3,00,000 per year). Bengaluru is considered a metro city.
Let’s take an example to understand this better, and figure the HRA calculation for income tax.
A salaried individual working in Bangalore earns a basic salary of ₹6,00,000 per annum. She receives an HRA of ₹2,70,000 annually and pays a monthly rent of ₹25,000 (₹3,00,000 per year). Bengaluru is considered a metro city.
A few benefits of HRA exemprion calcualtor are:
HRA exemption is calcualted for special cases like-
Conditions:
Deduction Limit (least of the following):
A few rules for HRA Exemption in india are:
These are some of the documents that are required to claim HRA deductions:
No, HRA exemption is only available for rented accommodation.
Yes, if you live in a rented house and have a loan on a different property.
You must submit a declaration if your annual rent exceeds ₹1,00,000 and the landlord’s PAN is unavailable.
Yes, if you provide valid rent receipts and proof of payment.
Use an online HRA exemption calculator with your salary and rent details.
Basic salary, HRA received, rent paid, and whether you live in a metro city.
Minimum of the following:
Actual HRA received
Rent paid – 10% of salary
50% of salary (metro) or 40% (non-metro)
50% for metro cities and 40% for non-metro cities.
There’s no fixed cap; it depends on your salary and rent paid.
Maintain proper rent documentation, pay rent regularly, and include all eligible salary components.
Maintain proper rent documentation, pay rent regularly, and include all eligible salary components.
Maintain proper rent documentation, pay rent regularly, and include all eligible salary components.
Maintain proper rent documentation, pay rent regularly, and include all eligible salary components.
Maintain proper rent documentation, pay rent regularly, and include all eligible salary components.
Maintain proper rent documentation, pay rent regularly, and include all eligible salary components.
