For HRA Exemption (India ) i have googled and find out the below points but i did not understand the 1st Point pls guide me
1. Rent paid in excess of 10% of basic salary.
2. Actual HRA received by the employee.
3. Forty percent of basic salary, if the location of the residence is in a non-metro city/town or 50% of basic salary, if the location of the residence is in a metro city
From the above “least of three” rule, it is clear that HRA exemption amount is determined by a number of factors — Basic pay, location of the residence, rent paid by the employee, and the HRA paid to the employee.
For Eg: my Basic is 15000 living in metro city where my HRA is 50 of basic i,e 7500 now will i get 7500 as tax exemption ??? or lesser than that ????or more than that??