Dear Expert
1)Please confirm that If a Person Purchase Land on Loan and he is living on Rent Can he take the Benefit of HRA as well Housing Loan i.e. Principal Amount in 80 C and Interest in U/S 24?
for TAX calculation which to be consider
2) if a Employee resign the Previous company (Private sector) and receive Leave Encashment and gratuity is it both amount taxable or which one taxable ?
please help me
Thanks
Om
Hi
Yes he can claim both HRA & Int on HL as deduction.
/forum/hra-house-rrent-allowance-interest-on-housing-loan-faq-234214.asp
Gratuity as exempt up to Rs. 10 lacs & Leave encashment Rs. 3 lacs.
Leave encashment is exempt since same is received on his leaving job.
He can claim both exemption once in a lifetime subject to Monetary limits.
Thanks//VaibhavJ
1) Yes, he can avail HRA deductions as well as deductions u/s 80C and u/s 24.
2) Both leave encashment and gratuity is taxable if it crosses 3 lacs and 10 lacs respectively.
Yes, you can claim both HRA as well as home loan benefits
CAclubindia
