Hi
Please let me know if HRA exemption allowed for the assessee who lives in a rental house pays rent but has his owenership house also away from working area. on which he takes benefit of housing loan int. deduction.
Hi
Please let me know if HRA exemption allowed for the assessee who lives in a rental house pays rent but has his owenership house also away from working area. on which he takes benefit of housing loan int. deduction.
Dear Pooja,
U can claim both the deductions together. It is not mentioned anywhere in the law that if the person is claiming the HRA exemption then he cannot claim the benefit of home loan interest.
The deduction of HRA is available u/s 10 whereas deduction of Home Loan interest is available in Section 24(b). Both Sections are separate so no issues.
However both the deduction available in rare cases because if the person has its own home then why the deduction is available for Rental premises. But if his own home is in one city and he is doing job in other city then this is possible.
So In yr case it is also possible. So, the answer of yr query is that u can claim deductions in both the sections.
Regards
Rohit Gupta
Yes he can...
thanks all... espicially Rohit Guptaji........ I work as articled assistant and have to file salary returns of teachers etc. and I was confused about HRA exemption..... thanks a lot
Dear Sri ram
The repayment of Home Loan principle is available Under Section 80C subject to Maximum Rs. 1,00,000/-
Regards
Rohit Gupta
It is not clear that whether own house is LOP or vacant
Because both have different computation
The principle amount deduction is subject to celing of Rs. 100000 u/s 80C. He can claim both the exepmtion because 80C and sec 10 are independent sections.
yes, agreed
CAclubindia
