deduction on housing loan
This query is : Resolved
18 October 2010
hi,
Can a salaried person claim exemption from tax on
1)housing loan interest
2)house rent
The person is residing in the same town but his house is under construction and due to which he is residing in rented house.
Can a salaried person claim exemption from tax on
1)housing loan interest
2)house rent
The person is residing in the same town but his house is under construction and due to which he is residing in rented house.
18 October 2010
HRA would be available in your case.
Also no deduction for interest would be allowable since the house is under construction. The interest will be allowable in the year in which construction is completed in 5 equal instalments in five years.
Also no deduction for interest would be allowable since the house is under construction. The interest will be allowable in the year in which construction is completed in 5 equal instalments in five years.
19 October 2010
Claiming both Interest and HRA will not be possible even after the completion of construction as the the house is in the same city. You need to demonstrate that you are not able to occupy your house due to your employment needs.
However there may be one situation in which you can claim both if you rent out your house and show that income in your ITR.
However there may be one situation in which you can claim both if you rent out your house and show that income in your ITR.
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?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- Import license renewal
- 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
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
