Pankaj (Manager) (288 Points)
02 March 2013Mr A is government employee.
1 ) He received HRA of Rs 50000/-. He lives in Nashik on Rental flat
2 ) He have one house property (Flat) at Mumbai for which he has taken housing loan & same property is let out.
3) He also have one house property (Flat) at Nashik for which he has taken housing loan & same property is vacant.
Can Mr A take benefit of HRA exemption ?
Can he consider his house property ( at Nashiik Flat ) as self occupied ?
Please clarify
@VaibhavJ
(Believe!! Live your dreams!)
(33516 Points)
Replied 02 March 2013
Hi
Yes,
Propert in Nashik can be shown as self occupied propert & Mumbai property is let out for which he is showing Income & claim Int on loan as deduction.
Principle repayment of both the house property can be shown as deduction u/s 80C.
Thanks!!
Mihir
(Wealth Manager)
(5293 Points)
Replied 02 March 2013
He can avail the HRA exemption since he is getting hra of Rs. 50,000 and living in a rented flat.
Not sure what documents to submit being a government employee.
Incidental Querist
(Senior Manager)
(21 Points)
Replied 05 March 2013
I have received HRA alongwith salary for full FY12-13, but paid rent & provided rent receipts for only 6 months. My employer says that for calculation of HRA exemption u/s 10, Basic Salary & HRA received for only the corresponding period (i.e.,6 months in my case) should be considered, and not the Basic Salary & HRA received for the entire FY12-13.
Please advise if what my employer says is correct (with case studies/judgements/articles if possible).
LIVE Form 10 B and Form 10BB: Handle Tax Audit Reports of Charitable Organizations(with recording)
CAclubindia
