21 February 2012
Dear Sir/Mam, I'm Central Govt. Employee. my Posting @ Ahmedabad. I have recd. HRA Rs.9,848/-Per Month. & I have also taken Housing loan in Jan-2011,(Situated in Hyderabad)in connection, I have paid Principal Rs. 1,78,340/- & Interest Rs.2,01,287/-. & Also paid Rent Rs.13,500/- Per Month. Plz, Advice me? How much amount i have Claim for HRA Exemption? Housing Loan Repayment & Interest thereon ? Advice Me?
22 February 2012
HRA can be claimed based on HRA exemption calculation u/s.10(13A)
as the least of the following. 1. Rent paid in excess of 10% of basic salary. 2. Actual HRA received by the employee. 3. Forty percent of basic salary, if the location of the residence is in a non-metro city/town or 50% of basic salary, if the location of the residence is in a metro city
Incase Hyderabad house is letout you can claim the Actual interest Rs.201287 as deduction under u/s.24(b) if you are claiming as self occupied then Rs.1.50 lac maximum interest allowable
Under Section 80C - maximum allowable principal repayment Rs.100000/-
Since you are staying different city other then the city which situated your own house due to employment reason, you can claim the both options of HRA & Housing interest