Bharat (Employed) (77 Points)
14 January 2011Dear Members,
Would like to know if it is possible for a salaried employee to claim deductions of the following at the SAME time: I - HRA that forms part of the package & II - Housing Loan interest and principal payments. Looking forward to the valuable feedback of the learned members on the forum.
Kind Regards.
Gajanand
(PHP Developer)
(41 Points)
Replied 14 January 2011
Hi ,
Would like to know if it is possible for a salaried employee to claim deductions of the following at the SAME time: I - HRA that forms part of the package & II - Housing Loan interest and principal payments. Looking forward to the valuable feedback of the learned members on the forum.
CA PARAS BAFNA
(Practising CA )
(33428 Points)
Replied 14 January 2011
Dear Gajanand & Bharat.
It is possible to claim both, but not in respect of the same house.
The house must be different than your own house, as for getting the benefit of HRA , payment of rent is a
necessary condition.
Residing in your own house not rent is being actually paid and hence entire HRA amount will be taxable. Of course , on this condition you may receive HRA.
CAclubindia
