09 December 2008
Hi, I want to know how i can get tax benefit on both HRA and House loan. Actually, im staying in Bangalore in a rented house, but had taken a house on House loan in other state where my parents are staying. Also the House loan is jointly taken by me and my brother and the repayment of loan is done from my brother's account, i'm transferring my part of loan amount to my brother's account. I want to know how i can cliam tax benefit on both HRA(as im staying in rented house) and House loan (for the house jointly taken by me and my brother in the state where we both r not staying)
11 December 2008
Visit http://www.rediff.com/getahead/2008/apr/10trans.htm
To a similar question, Mr Mahesh Padmanabhan answered "Yes you can claim exemption for HRA as well as deduction for interest on home loan. Construction of the home should be completed to avail of the interest deduction."
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