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Hra and lohp

Gangadhara (Professional) (62 Points)

20 March 2013

Dear Sir/Madam,

My house construction officially completed in Jan -13 .

Till Jan 13 I was staying in rented house. I claimed exception on Interest paid during FY 2012-13 and HRA till Jan-13.

Is this allowed?.

Any help would be greately apprciated.

Thanks

Gangadhara

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6 Replies

VIKAS.A (SOMETHING IS BETTER THAN NOTHING) (1095 Points)
Replied 20 March 2013

YES, I THINK U CAN CLAIM HRA UP TO JAN-13 AND DEFINETLY THE INTREST PAID FOR HOUSING LOAN IN THE PRE-CONSTRUCTION PERIOD CAN BE CLAIMED IN FIVE EQUAL INSTALLMENTS FOR THE PERIOD OF 5 YRS U/SEC-24B

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Gangadhara (Professional) (62 Points)
Replied 20 March 2013

Thanks Vikas.

I have paid the interest on barrowed capital as below

FY 2011-12 1,50,000.00

FY 2012-13 4,20,000.00

The construction of the house is complted in Jan 2013.

The question is preconstruction interest is 1,50,000 + 4,20,000

or Only 1,50,000 as house was contrcuted in 2012-13

Thanks

Gangadhara

VIKAS.A (SOMETHING IS BETTER THAN NOTHING) (1095 Points)
Replied 20 March 2013

pre constructon period is the period 'prior to previous year' u can claim 150000 in 5yrs

and if ur house is self ocupied u can claim only 150000 in current f.y. but not 420000.

so this year u can claim 150000+50000=200000

Gangadhara (Professional) (62 Points)
Replied 20 March 2013

Vikas thanks again,

I understnad there is a cap of 150000 on self oocuupied property including the preconstruction. So as I understand from the respone in other forum topic, for FY 2012-13 I can claim ONLY 150,000 (not 1,50,000+ 50,000).

But my real question is can I calim exemption on the interest 1,50,000 + HRA till Jan 13 as the propery is in the same town where I live.

Thanks

Gangadhara

1 Like

VIKAS.A (SOMETHING IS BETTER THAN NOTHING) (1095 Points)
Replied 20 March 2013

sorry for that, yes it is 150000/- only,

yes i think u can claim hra up to jan since in the same town u r not having the house until then and u have occupied house only after jan-13. correct me if i am wrong,

thank u