Housing loan & hra claim

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 February 2012 Dear Sir/Mam,
I'm Central Govt. Employee. my Posting @ Ahmedabad. I have recd. HRA Rs.9,848/-Per Month. & I have also taken Housing loan in Jan-2011,(Situated in Hyderabad)in connection, I have paid Principal Rs. 1,78,340/- & Interest Rs.2,01,287/-. & Also paid Rent Rs.13,500/- Per Month.
Plz, Advice me? How much amount i have Claim for HRA Exemption? Housing Loan Repayment & Interest thereon ?
Advice Me?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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22 February 2012 HRA can be claimed based on HRA exemption calculation u/s.10(13A)

as the least of the following.
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

Incase Hyderabad house is letout you can claim the Actual interest Rs.201287 as deduction under u/s.24(b)
if you are claiming as self occupied then Rs.1.50 lac maximum interest allowable

Under Section 80C - maximum allowable principal repayment Rs.100000/-

Since you are staying different city other then the city which situated your own house due to employment reason, you can claim the both options of HRA & Housing interest

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