Loss / income from house property
This query is : Resolved
03 December 2012
I availed a housing loan for constructing my house. The construction was completed in Aug 2005. I'm still repaying the loan my parents are staying in that house. I live in a rented house in the same city (Bangalore). My queries are :
1) Can I claim "HRA" as well as "tax exemption against the housing loan".
2) How do I arrive at the "Loss From House Property"
regards,
Naag.
1) Can I claim "HRA" as well as "tax exemption against the housing loan".
2) How do I arrive at the "Loss From House Property"
regards,
Naag.
03 December 2012
U cant claim HRA., as u r living in the same city.
the principal part of the loan can be claimed as deduction under chapter VIA i.e. 80C
the Interest part can be claimed as income from House property which can be set off from Salary income
the principal part of the loan can be claimed as deduction under chapter VIA i.e. 80C
the Interest part can be claimed as income from House property which can be set off from Salary income
03 December 2012
Hi Bhargava, thanks for your prompt response..However, here an article that says otherwise http://in.finance.yahoo.com/blogs/strategic-moves/claim-not-claim-hra-home-loan-dilemma-093105977.html
Hence, my confusion. Can throw some more light now. I'm really confused.
Hence, my confusion. Can throw some more light now. I'm really confused.
03 December 2012
Forgot to mention that I was refering to Point # 4, in the above article.
03 December 2012
The Point is clear., though, your parents are living in your house., it is just like u are occupied with. And u are living in one more which means u cant live in 2 houses., right... so u will not be able to claim the exemption under HRA... but u can claim the benefir 0f 80C and 24b
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Sale of property furniture sale
- RCM INVOICING FROM NOV-2024
- Tds on building rent monthly
- Darpan registration
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
CAclubindia
