Home loan

This query is : Resolved

S.S.Matharu

S.S.Matharu (Querist)
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01 April 2011 I am living at Noida on Rent & have home at Greater Noida on which loan is taken from bank,

Can I claim both HRA at Noida and Home loan benefit at GREATER-NOIDA Home in which my parents are living.

Thanks,
My next Quest- Will I have to add income from subject house property in which my parents are living.

Please also note that my company office is in NOIDA.

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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01 April 2011 YES... you can claim both

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Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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01 April 2011 yes you can claim u/s 80C & sec. 10(13A)both

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S.S.Matharu

S.S.Matharu (Querist)
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01 April 2011 Thanks,
My next Quest- Will I have to add income from subject house property in which my parents are living.

Please also note that my company office is in NOIDA.

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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01 April 2011 if you have only one hp then it call as self-occupied so your parents living resident is not as part of income but if you have more that that hp you have to take as let out property and calculation should be done as per sec.

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CA. Lohith Jagadeesh

CA. Lohith Jagadeesh (Expert)
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03 April 2011 Hi,

You Can claim the benifitas follows
HRA under Sec 10(13A)&
Home loan benefit under Sec 80C as it does not violate the rules given under Tax laws

Further the other house in which your parents are living will be taxed as a " DEEMED LET OUT PROPERTY"

Regards
CA. LOHITH.J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons