Home Impr. and Car Loans and House Rents..

Sambit Patel (Director) (180 Points)

14 March 2010

Hi...

From April 2009 - April 2010,

I have paid ,

House Improvement to Dad : 18-20 lacs.

Car Loans for Mom : 2 lacs.

House Rent : 1.5 lacs.

Can I get any tax exemption from the above ??

Or shall I show all of them as business expenses ??

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Rajeev Kumar (Learner) (51 Points)
Replied 16 March 2010

Hi Sambit,

I thinks, you can take the tax exemption or show the busines expenses only in the house rent case.....

1. if you are paying the rent for office premises then you can show it as a business expenses..

2. if you are paying the rent for your accommodation not for office then you can get the tax exemtion as a House Rent Allowance (HRA) exemption.

Pls wait for others reply from the seniors and experts......

Regards,

Rajeev

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