Parmod Agarwal (Assistant Manager) (394 Points)
28 January 2010Dear All,
Our some employees has submitted the proof of HRA and Interest on borrowed capital for construction of House. Can we allow the both of deduction under the
Income tax act?
Thanks
Parmod
CA. ANKUR
(ASST. MANAGER ACCOUNTS)
(54 Points)
Replied 28 January 2010
As per my logic they both are allowed because:
1.They both are deductible form income of different recpective heads of income
2.House loans can be taken for a house constructed elsewhere then place of residence
One thing yiou have to check that if they are claiming HRA & Interest on Borowed capital then they must not occupy the house or else thay cannot claim HRA as both deduction are not allowed in the above mentioned situtation
Amir
(Learner)
(4016 Points)
Replied 28 January 2010
Dear Pramod,
Interest on House Loan & exemption of HRA can be claimed simuntaneously..No issues with that..
Only thing to make sure is that benefit of interest is allowed only upon completion of construction of house.i:e Employer should obtain a certificate from the employee regarding completion of construction.
C.Balaji
(Learner)
(1867 Points)
Replied 28 January 2010
Mr.Parmod
Interest on loan and HRA exemption can be claimed in the same year.....
Analysis of 20 GST Notices (including 2 Appeals) and Practise on Drafting(with recording)
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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