Ruban (16 Points)
06 May 2009Hello,
I have taken a home loan on which I am paying EMI.
Due to the reason, my apartment is not convenient for commute, because of distance to work, I am renting an apartment close to the office.
Can I claim both the home loan and HRA benefits?
Many thanks for your reply.
Regards,
Rutha
CA. Narendra Kumar
(ACA ...ACS)
(81 Points)
Replied 06 May 2009
Dear Ruban.
if you r a salryholder then uou can can claim for exccempyion in HRA recieved by from your employer with ref. of section 10 ( 13A) ..
1. 50 % of Actual HRA Recieved or 40 % in case of non metro cities.
2. Rent paid -10 % of Salary
3. Actual HRA Recieved.
Least of above shall be excempted from your actual HRA recieved.
HRA excemption is avialbale in only that condition when you are paying rent and you have to produce rent reciept to employer.
now, as you discussed that you have taken home loan and you house property is let out or not is not clear .. i suppose that is letout so rent recieved from letting of your property shall be considered as House property income and out of such income you can claim diduction of section 24 (B) upto 150,000 for prior acqusition of house property .after all of that you have taxable income from H.P
now, your third question is Diduction of EMI for house loan .. ya sure you can claim diduction u/s -80 C for only principal amount paid against loan ,, Whole EMI of a year will not be allowed as diduction (less actual interest )
i hope you queries might be clear.
Regards,.
Narendra Kumar
Ruban
(16 Points)
Replied 06 May 2009
| Originally posted by :CA. Narendra Kumar | ||
| " | ||
Dear Narendar,
Thank you very much for your response. I am a salaried person. and my own flat is not given out for rent, which means I have no receivables from the flat.
If I understand your reply correctly,
I can avail the tax exemption on my HRA + House loan principal payment of max. 1 L (80C) + Housing loan interest payment of max. 1.5 L (24b) for the fiscal year 2009-2010
Is my understanding is correct? or am I missing something.
Thank you.
Rutha
CA. Narendra Kumar
(ACA ...ACS)
(81 Points)
Replied 06 May 2009
u can take benefits of all of that but AO needs satifaction by evidence that such House property were vacant ..
avail hra excemption
take diduction for Rs.100, 000 u/s-80 c
there is problem at all.
thanks
CA. Narendra Kumar
(ACA ...ACS)
(81 Points)
Replied 06 May 2009
as you said..diduction u/s - 24 (b) will only considered in respect of pre-Acqusition period interest.
Regards.
Narendra
CAclubindia
