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Housing loan interest exemption limit / hra information

Raja (SME) (61 Points)

02 July 2013

1/ - I have taken a loan and paying Rs 156438/- towards interest on house loan. For which I am getting rebate of 150000/- max limit, and before possession in June - 12, I have paid int on pre-emi of approx 98000/- which I can claim for next 5 yrs i.e. 98000/5 = 19600

So need to know what will be my rebate amt -

150000/- (Max Limit)

169600/- ( Max Limit + Bifurcation of 5 Yr pre-emi) ***************************************************************************************

2/ - Also need to know, in Govt, if someone gets accomodation but he/she doesn't want that and live outside on rent.

Will he be entitled for HRA / HRR. If yes, what amount he can claim. What is the minimum limit of HRA / HRR, one can claim.

Neither he is living in the house for which I have taken house loan not he has Let Out that property.

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2 Replies

Giridhar S Karandikar (Team Lead) (7543 Points)
Replied 02 July 2013

1]. Maximum limit is 1.50lacs inclusive of pre-emi interest

2]. Yes he can claim HRA subject to the overall limits as laid donw in section 10(13A) i.e. leat of the below

a] HRA recd during teh eyar

b]. Rent paid in excess of 10% of salary

3]. 40% of the salary

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Raja (SME) (61 Points)
Replied 03 July 2013

I have few query mentioned below

1 / - HRA Calculation -

If Basic Salary is 300570 (annually) (Apr to Jun - 24350/month and Jul to Mar - 25280/month)

HRA Paid for FY 2012-13 is 134694 (annually)

Rent Paid is 180000 (annually)

What will be my exemption for tax u/s 10 from Salary ?

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2 / - Do Arrears HRA also needs to be clubbed in current HRA

Current HRA - 134694 and Arrear - 8433

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3 / - I am also getting rebate of interest paid on house loan i.e. 150000/- (Max Limit)

Is there any limit on HRA if availaing this ?

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4 / - In my form 16 it is showing incorrect amount, how do I get this rectified and what documents do, I have to provide if I am doing e-filling online ?

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Rgds