Loss / income from house property

This query is : Resolved 

03 December 2012 I availed a housing loan for constructing my house. The construction was completed in Aug 2005. I'm still repaying the loan my parents are staying in that house. I live in a rented house in the same city (Bangalore). My queries are :

1) Can I claim "HRA" as well as "tax exemption against the housing loan".

2) How do I arrive at the "Loss From House Property"

regards,
Naag.

03 December 2012 U cant claim HRA., as u r living in the same city.

the principal part of the loan can be claimed as deduction under chapter VIA i.e. 80C

the Interest part can be claimed as income from House property which can be set off from Salary income

03 December 2012 Hi Bhargava, thanks for your prompt response..However, here an article that says otherwise http://in.finance.yahoo.com/blogs/strategic-moves/claim-not-claim-hra-home-loan-dilemma-093105977.html
Hence, my confusion. Can throw some more light now. I'm really confused.


03 December 2012 Forgot to mention that I was refering to Point # 4, in the above article.

03 December 2012 The Point is clear., though, your parents are living in your house., it is just like u are occupied with. And u are living in one more which means u cant live in 2 houses., right... so u will not be able to claim the exemption under HRA... but u can claim the benefir 0f 80C and 24b



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