Hra allowance

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Piyush Agrawal (Querist)
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11 May 2015 hello If i am having a house which is my join name in kandivali and on that i m paying loan which i m taking the benfit in income tax retund. if the same house is rented to somebody else and i have taken another house which is on rent and not on my name so i can take benfit of hra

Sanjana

Sanjana (Expert)
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11 May 2015 Yes, you can claim HRA for the house taken on Rent by you.

Rental Income from House owned and given on Rent by you will be chargeable to tax under the head Income from House Property as follows:
Rental Income XXX
Less: Municipal Taxes paid XXX
Net Annual Value (NAV) XXX
Less: 30% Standard Deduction of NAV (XXX)
Less: Interest on Housing Loan (XXX)
Income from Let Out Property XXX