Mx x is living in a Mumbai.Mr X purchase a flat in April 2010 he has taken a joint loanin his & her wife name of Rs.15 lack from bank.but his flat is very far from his Office.so he continue to live in rent flat.he pays Rs.6000 as a rent.can he claim for rent in salary.if he pays total interest Rs.63359 and principle Rs. 32593. how much amount he should take deduction in 80C & income from house property if his own flat remain vacant in whole year
21 July 2011
Yes.. he can claim both ..HRA + interest & principle
For 80C, if X is the sole owner & the repayment of loan is done solely by X, then he can claim principle Rs. 32593 under 80C & interest Rs. 63359 under section 24b, subject to the maximum threshold limits of the respective section.
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