We are two brothers and paying rent to father to claim HRA. Now we are planning to buy one property by taking home loan. Brother and I will be the co-applicant and property will be on the name of father. So my question is can we (brother and I) claim both HRA and the home loan interest while filing ITR?
14 June 2023
If only your father would be the only owner of the property to be purchased, you will not be able to claim home loan interest benefit, even if you be coborrowers of the loan.
14 June 2023
If you are co owner and also co borrower of the loan, you can claim home loan interest deductions, but for HRA, there should be specific requirements like cities be different, or workplace inconvenient to commute from your house etc...
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