House Property

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RAMSANKAR MISHRA (Querist)
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29 June 2009 1) One of our employee is getting exemption u/s 10 (13A) for HRA and also at the same time claiming Deduction u/s 24 (B)for Rs. 1,50,000 can he do so ??

2) For Claiming exemption on section 24 (B) can we claim for the Rs. 1,50,000 for more than one loan amount like we have taken different loans from more than one bank for construction of more than one house. Can we do so or there is any such law on it.

Plz clarify me.

Deepak Goel

Deepak Goel (Expert)
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29 June 2009 If the employee living in different city where he is not having his own house then he can claim both exemption otherwise both exempltion cannot be claimed. Total exemption under section 24(B) is Rs.1,50,000/-

Ratan Sharma

Ratan Sharma (Expert)
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29 June 2009 Hi,
You have the option to take one house property as self occupied property. the interest belonging to such house property can only be considered for deduction u/s. 24(B).

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sundharabahu

sundharabahu (Expert)
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29 June 2009 There is no restriction for claiming HRA exemption and availing deduction for interest on self occupied house simultaneously. If employee has to live in a place other than his self occupied house and pays rent, he may claim exemption under section 10(13A). Again when his own house is occupied by his parents or by his belongings, it may still said to be self occupied. He can claim deduction for interest upto Rs 150000.

Second question, the interest can be claimed with respect to any number of loans but the the aggregate amount cannot exceed Rs 150000.