HRA & Home loan

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 December 2009 Can i claim HRA & Home loan deduction at the same time in the return if my home is morethan 50kms from the office

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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01 December 2009 Yes you can claim both

C.A.Amitabh Gupta

C.A.Amitabh Gupta (Expert)
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01 December 2009 Yes, u can claim both HRA and Home Loan deduction at same time. HRA is independent of Home Loan and both are governed by separate sections under IT Act.

rgds/
CA AMitabh Gupta
Indore
ag_ind@rediffmail.com

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CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
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01 December 2009 agree

CMA KNVV Sri Vidya - Sri Kanth

CMA KNVV Sri Vidya - Sri Kanth (Expert)
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01 December 2009 Agree

CA Ravi Sisodia

CA Ravi Sisodia (Expert)
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01 December 2009 Agree

shakuntala chhangani

shakuntala chhangani (Expert)
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02 December 2009 Hi, U/s 10(13A) and Rule 2A, HRA is exempt to the extent of least of following three :
a) 40% or 50% of salary as the case may be
b) HRA received
c) Excess of rent paid over 10% of salary.
It is evident from above Q that employee owns a house property therefore there is no Q of rent payment hence option c (NIL) being the lowest, no exemption will be available for HRA. Yes, the assessee can claim deduction u/s 24(b) and sec. 80C. Regards, CA Shakuntala Chhangani