exemption

This query is : Resolved

Prakash (Querist)
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19 May 2010 can I get both HRA and housing loan interest and principal amount exemption for the calculation of Income Tax ?

CA Archana

CA Archana (Expert)
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19 May 2010 Yes,see dont get confused with the income from house property and HRA.U r in a rented accommodation thats why u r getting HRA in your salary(which is income under salary head.

Rahul Gupta

Rahul Gupta (Expert)
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19 May 2010 Agreed. But possible only in case you have different houses i.e rented and owned.

In case, both the houses are same, then you are said to occupied your house as self occupied and in that case, there is no rent so no HRA exemption.

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CMA.Palani Arumugam

CMA.Palani Arumugam (Expert)
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19 May 2010 Agreed. You can claim HRA exemption only if you have actually paid the rent for your accommodation.

You can avail deduction for interest & principal repayment of loan, taken for the purpose of purchase of house property(subject to limit).

K V Subba Rao

K V Subba Rao (Expert)
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19 May 2010 I agree with the above views. You may also like to check the following link

http://www.apnaloan.com/home-loan-india/home-loan-vs-hra-tax-benefit.html