Home loan

This query is : Resolved

richa (Querist)
Follow

17 December 2013 I want to take a home loan for purchasing a flat. what will be the tax benefit available to me? I am a salaried person and getting HRA will my hra be taxable? what will be the option available to me so that I can claim both.

CA Sanjeev Kumar

CA Sanjeev Kumar (Expert)
Follow

18 December 2013 Benefit of Purchasing Property ;
1. Interest deduction upto 1,50,000Rs. if used for self residence.(Refer Section-24)
2. Repayment deduction upto 1,00,000Rs. (Section-80C)
3. HRA will continued to be exempted, least of following ;-
a) HRA received
b) Rent paid less 10% of salary
c) 50% of salary, for metro cities.

There is no connection with home loan & HRA...