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Hra exemption and home loan benefit at the same time

Jacky (ACCOUNT EXECUTIVE) (219 Points)

30 October 2014

Is it possible to avail Hra exemption and Home Loan Benefit exemption under Section 80 C and 24 (B) at the same time. If yes what would be the conditions to satisfy as per documents for the exemptions

Please reply urgently !

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SAURABH NENE (Chartered Accountant) (226 Points)
Replied 30 October 2014

For claiming HRA benefit, one of the condition is that, the assessee or his parents should not own a house property in the city where assessee resides for his employment. If assessee owns a hosue in another city and all other conditions for claiming deduction for interest on loan under the House Property are satisfied, then it is possible to claim both the benefirs. But not if house owned by assessee is in the same town/city where he resides. Further, the house property owned by assessee at different place, can not be claimed as self-occupied.