Q1)If Mr X is paying home loan EMI can he claim HRA exemption & tax rebate as well.
Q2) What is the maximum tax rebate one can avail of on repayment of home loan EMI.
Amir
(Learner)
(4016 Points)
Replied 29 April 2010
Dear Yogita,
1) Both HRA exemption & Tax benefits on account of home loan repayment can be claimed simultaneously.
2) Maxium amount that can be claimed in case of repayment of loan {make sure construction of house has been completed or posession has been received} -
Principal portion of EMI - Maximum Rs. 1 Lac u/s 80C
Interest portion of EMI - Max. Rs. 1.50 lacs if House is self occupied
- Without any limit if house is let out or deemed to be let out
{in case more then one house is self occupied then only 1 house can be claimed as "self occupied" & rest will be treated as "deemed let out"}
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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