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Income tax exemption

kumar (Executive) (99 Points)

23 January 2010

1) 1) If I am paying medical insurance for my parents who are dependents, can I claim that amount? What is the limit? Is it 15000 or 10000? What is the limit in case of personal Medical Insurance?

2) 2)If I am having Housing loan from the place where I am not working now, Can I claim both HRA and HL for taxation purpose? (My parents are staying in that house so I am not showing any income from that house as rental)

3) 3)If I am having two Housing loans, what is the exemption limit of Interest part (I will be showing rental income from the property)

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4 Replies

CA Dushyant Maharishi (CA) (178 Points)
Replied 25 January 2010

1. Deduction u/s. 80 D is for individual-Rs.15000 and for Sr. citizen parents-Rs.20000 but if parents are not sr. citizens then Rs.15000/- hence one can claim the deduction of Rs. 35000 if their parents are sr. citizens and otherwise Rs. 30000

2. I think no deduction on account of HRA and HL can be claimed if it is recd. from other place other than employment. HRA can be claimed if one pays the house rent. It is the least of the following

40%/50% of salary

3. there is no limit for Let out property means if there are two housing loans then one can claim the intererest paid on 2 housing loans subject to proof. But it is for 2 separate housing loans then one has to calculate the tax which is lower by selecting one house property as sop and other as lop.

HRA recd.

rent paid in excess of 10% of salary

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Shudhanshu Agrawal (Business) (2570 Points)
Replied 25 January 2010

Originally posted by : Dushyant Maharishi
	1. Deduction u/s. 80 D is for individual-Rs.15000 and for Sr. citizen parents-Rs.20000 but if parents are not sr. citizens then Rs.15000/- hence one can claim the deduction of Rs. 35000 if their parents are sr. citizens and otherwise Rs. 30000 2. I think no deduction on account of HRA and HL can be claimed if it is recd. from other place other than employment. HRA can be claimed if one pays the house rent. It is the least of the following 40%/50% of salary 3. there is no limit for Let out property means if there are two housing loans then one can claim the intererest paid on 2 housing loans subject to proof. But it is for 2 separate housing loans then one has to calculate the tax which is lower by selecting one house property as sop and other as lop. HRA recd. rent paid in excess of 10% of salary

I would like to change point 2. here

If you are working at the place where u dont have house property and getting HRA than if you are paying rent on the place of job, you can claim HRA exemption u/s 10(13A) and Interest on housing property both but u should pay interest on housing loan.

Correct me if i am wrong.