Abot HRA and Housing loan

This query is : Resolved

Amit Deokule (Querist)
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20 May 2010 Dear All,

Can we get exemption for both i.e. HRA and Housing loan simultaneously for an individual case? and what can be the scenario under which we can avail this?

Thanks in anticipation!!!

Regards,

Amit

Rahul Gupta

Rahul Gupta (Expert)
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20 May 2010 Yes you can get both.

Suppose, you own a house and has taken loan on it and paying interest and principal payments. However, for job purpose, you are staying in other house on rent.
In that case you can claim HRA for rented house and Deduction for Interest and Principal u/s 24 and 80C for the owned house.

Amit Deokule

Amit Deokule (Querist)
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20 May 2010 Thans,

But if both the things are in Pune or the same city, then also we can claim?

Regards,

Amit

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Rahul Gupta

Rahul Gupta (Expert)
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20 May 2010 Yes you can. There is nothing written in IT regarding the city or any place.

CMA.Palani Arumugam

CMA.Palani Arumugam (Expert)
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20 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).