Gaurang (Manufacturing) (85 Points)
06 June 2011An employee gets HRA of Rs 10000/- p.m. He lives in Mumbai on rent. He also pays Rs 150000 p.a. as repayment of loan (including interest) on a house property which is in U.P, where his parents lives.
Can he claim both HRA/Rent and Loan repayment (under Income from House Property and 80 C).
Thanks
Harpreet
(* * * * * *)
(1670 Points)
Replied 06 June 2011
Yes, provided loan should be in name of the employee and debited from his account.
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 06 June 2011
SHASHI VARDHAN
(Pay Accts)
(99 Points)
Replied 06 June 2011
If the house is completed then he can claim loss form house property u/s 24.
pankaj
(Senior Audit Assisstant)
(28 Points)
Replied 07 June 2011
rent payment whole amount not allowed only interest part allowed deduction u\s 24 of income tax act
and you mentiom deduction u\s 80c
there is not allowed deduction u\s 80c
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
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