tax liabilities

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Dipendra Dev (Querist)
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12 January 2010 we have home loan in 2008-09 and now we are not staying in my house due to long distance of office. And we are staying nearby office on rent and also my house is rendered on rent. Now my question is can I get the benefit of loan in ITR and second my income from rent is taxable?

KRISHNA KUMAR R C

KRISHNA KUMAR R C (Expert)
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12 January 2010 Income from Rent is taxbale and from that you can claim deduction for interest on housing loan.

Dipendra Dev

Dipendra Dev (Querist)
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12 January 2010 also can i get the benefit of rent which i paid.

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CMA. Dinesh S Adhikari, ACMA

CMA. Dinesh S Adhikari, ACMA (Expert)
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13 January 2010 Income from you own house will be taxable under IFHP because you have let-out that property, however, if you did not let-out then you could eligible for exemption u/s 23(2).

So, If you are paying under Income From House Property(IFHP) for you own house, then you can claim deduction u/s 80GG for that rent amount which you are paying for you current stay.

NOTE: but, if you going for deduction 80GG then you cannot claim exemption 10(13A) for HRA. Either 80GG or 10(13A) can be claim.

Regards!!!
Dinesh S. Adhikari