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Income tax query

Avinash Yedire (Chartered Accountant) (200 Points)

26 June 2012

Hello All,

I would like to know if I can claim both HRA exemption and housing loan principal while declaring the income tax?

Thanks.

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14 Replies

Prateek Agarwal (Sr. Executive - Finance & Accounts) (1732 Points)
Replied 26 June 2012

Yes...you can.

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Nitil Kr. Agarwala (Persuing CS) (264 Points)
Replied 26 June 2012

yes... u can claim both.

@*CS Siddharth Bumb. * (B.Com, CA Final, CS ) (5270 Points)
Replied 26 June 2012

yes you can claim only if exceptional conditions of HRA are satisfied...

Nilesh (Accountant) (21 Points)
Replied 26 June 2012

Hi ,

From Taxation point of view is intraday trading in F&O different from Delivery based trading in F&O.

Case 1: I purchase a Nifty Future today and sell today.

Case 2: I purchase a Nifty Future today and sell after 5 days.

Will Case 1 be considered as Speculative Income and Case 2 be considered as Business Income or

Both Case 1 & 2 would be considered as Business Income

Many Thanks.

Prateek Agarwal (Sr. Executive - Finance & Accounts) (1732 Points)
Replied 26 June 2012

Nilesh,

In case of intra day transactions, they are non-delivery based transactions, hence, they are to be considered as speculative transaction, not business income. Delivery based share transactions are to be treated as business income.

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CA PRAVEEN SINGH (MANAGER ACCOUNTS) (2277 Points)
Replied 26 June 2012

YES YOU CAN CLAIM BOTH...

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Ankit (Articles) (390 Points)
Replied 27 June 2012

ofcourse buddy u can claim the both ...,.................

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Nikunj (CA) (54 Points)
Replied 27 June 2012

yup,u can both but within the limit

Varshit Shah (Self Employed) (676 Points)
Replied 27 June 2012

I am not agree......U can not claim the deduction.... see as u have stated u have your own house for which you are paying EMIs. Now there is a practical possibility where you can claim both.........

1.) You are staying on a rent due to your own his under redevelopment scheme , & u have borrowed Housing loan to pay certain amount to the developer.

2.)U bought a new house & currently u have given that house on rent to some other person , u r receipt in Rental income & u r also staying on rent on other place.

In other than these conditions u can not claim both. It is not ethical to claim.

Ramanuj (Accountant.) (834 Points)
Replied 27 June 2012

You can both but within the limit

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CA Karan Lodhi (CA and B.com(hons.)) (879 Points)
Replied 27 June 2012

Yes U can claim both.Housing loan principal will be allowed as deduction under section 80 C and the HRA exemption can be claimed under section 10(13A). Go Ahead

Navin Verma (CA Final) (28 Points)
Replied 27 June 2012

agree with varsh*t

Vadivel (Senior Executive - Finance) (23 Points)
Replied 27 June 2012

As per the IT rules, the housing loan principal can be taken as deduction only when the assessee stays in the house which was bought on loan basis. With this logic, for claiming deduction for housing loan (in the eyes of law) the assesse in residing in his/her own house and not in a rented house. Hence taking advantage in both these sections is not permitted.

Above said conditions may be subject to the points mentioned by Varsh*t Shah..... I agree with him.

dipak (Accountant) (21 Points)
Replied 16 July 2012

i have a client,who has salary & business income,in A.Y. 2011-12, he has filed return in ITR-4,but he has lost that ITR-4 and all details of business,so he has no opening balances available,then how to file income tax return this year?