claim of HRA and interest on borrowed capital

This query is : Resolved

shweta (Querist)
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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.

HUZAIFA HUSSAIN

HUZAIFA HUSSAIN (Expert)
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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.

CA.Tarun Maheshwari

CA.Tarun Maheshwari (Expert)
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02 April 2009 I supoort Huzaifa's views.

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Sanjeev Kumar Sharma

Sanjeev Kumar Sharma (Expert)
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03 April 2009 i also agree

Rajkumar Maheshwari

Rajkumar Maheshwari (Expert)
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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.