claim of HRA and interest on borrowed capital
This query is : Resolved
02 April 2009
If I have a house in other state and i am doing job in other state and staying at rental property and i have given my house on rent and if my house is financed and EMI for the same is debited to my account every month:
1.Can i claim HRA
2.Can i take the deduction u/s24(B)on my house property income
3.If the interest on borrowed amount is more than Rs.150000/- will the whole amount is allowed as deduction.
1.Can i claim HRA
2.Can i take the deduction u/s24(B)on my house property income
3.If the interest on borrowed amount is more than Rs.150000/- will the whole amount is allowed as deduction.
02 April 2009
YES, U CAN CLAIM HRA AS WELL AS DEDUCTION U/S 24(B), SINCE U R LIVING IN OTHER STATE U R ELIGIBLE FOR BOTH.
RESTRICTION OF RS.150000/- FOR INTEREST IS ONLY FOR SELF OCCUPIED HOUSE AND NOT FOR LETOUT HOUSE. SO U CAN CLAIM FULL INTEREST.
RESTRICTION OF RS.150000/- FOR INTEREST IS ONLY FOR SELF OCCUPIED HOUSE AND NOT FOR LETOUT HOUSE. SO U CAN CLAIM FULL INTEREST.
02 April 2009
I supoort Huzaifa's views.
03 April 2009
i also agree
03 April 2009
i also agree with all the experts ,but want to say only thing that. it is not necessary to live in another state to take H.R.A. deduction. you can also take this type of deduction in same state also but the city is to be differ.
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