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Can I take both HRA and 24(b) Home loan

prakash (B.Com) (132 Points)

14 September 2021

Hello Experts,

I have taken home loan from SBI.

Now, Can avail simultaneously HRA and Home loan deductions [ 24(b) and 80C deduction ] in every financial year.

are there any restrictions ?

I will apricate for any help in this regard.

Thanks,

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5 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177896 Points)
Replied 14 September 2021

Both cannot be availed simultaneously, unless your place of residence & employment are in different cities. (Or very far off....)

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veerendar singh (tax consultant) (3301 Points)
Replied 14 September 2021

Yes you may take.
there are no such conditions prescribed under 24.

but for hra, there are some conditions. do check whether you satisfy all conditions

CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 15 September 2021

Yes you can claim deduction

CA Puja Sharma (Chartered Accountant) (5010 Points)
Replied 15 September 2021

Yes, you can claim both the deductions provided you can suffice your claim that you are not using the property for your stay. You are under employment in another city.