E.KALAIKOVAN (Sr. Accounts Manager ) (340 Points)
31 January 2015An assesse purchased a Residential House Property in Jan'2015.
My doubt
01. Can he claim HRA (From April to December as he lived in rental house and paid rent) and Loss from Residential House property (From Jan'15 to Mar'15 - Interest on House Property)
CA DVS Satyanarayana
(Manager - Finance & Accounts)
(241 Points)
Replied 31 January 2015
An assessee can claim deduction of Interest on Housing Loan to acquire house property u/s 24(b) and simultaneously HRA exemption on rent paid (if he resides in property other than acquired). Further, upon sale of said property, interest already claimed as deduction u/s 24(b) can be added to cost of property for the purpose of computing capital gain.
If your assessee is residing in the new house (own) from Jan-15, he/she can claim HRA till Dec-14 ( if the assessee paid rent) and for the period Jan-15 to Mar-15, interest on HL can be claimed subject to a maximum of Rs. 2 lacs.
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