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
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
CAclubindia
