Hra and loss from house property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 December 2012 Hi, I live in Mumbai on rented house and own a house in Mumbai which i have let out on rent. Till last year i was claiming HRA benefit from my company and also claiming loss from house property on the interest amount on loan on rented house after adjusting for rent and other deductions. recently i have purchased another house in Dehradun where my mother lives. Please advice as to what tax benefit would i be eligible on my both the homes now. also can i continue to claim HRA benefit as i live on rent due to proximity to office.

@VaibhavJ

@VaibhavJ (Expert)
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27 December 2012 Hi

You have 2 owned property, one property you can shown as owned & one will be deemed to be let out if you are not occupying because of your job.

Since you have already let out mumbai property, treatment will be same as per existing.

Dedhradun property = Owned

Mumbai = Let out (Since Actually Let out, you can claim Int. on H?L more than 1.50 Lacs also, but you have to submit all proofs to your employer for that)

Thanks//Vaibhav
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Querist : Anonymous

Querist : Anonymous (Querist)

01 January 2013 Thanx vaibhav,

1)I can claim HRA benefit from my company as i am staying on rent.

2)Can claim rebate on the owned house upto rs 150k

3)On mumbai property can claim benefit on entire interest paid after adjusting for rental income and standard deduction.

Is my understanding correct?

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