Benefit of Self occupied property & Rent

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susan (Querist)
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19 November 2007 Hi,

My query is, a man is living in Mumbai & has taken a loan for his flat. He is paying interest & gets a Deduction u/s.24B for interest on house property. Now in the same year if he is transferred, for employment purpose in Delhi & has taken a room on rent in Delhi for which the company is paying him House Rent allowance. For Assessment Year 2008-09 can he claim the deduction u/s. 24B and House Rent allowance u/s.10(13A)

susan

susan (Querist)
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19 November 2007 Answer the queries at earliest

susan

susan (Querist)
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19 November 2007 check

Nitesh

Nitesh (Expert)
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19 November 2007 yes u can claim both for deduction the whole year can be claimed and for 10 (13a) the claculation will be made accordingly

o.velavan

o.velavan (Expert)
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19 November 2007 I feel that you can claim the both the benefits i.e. HRA as well as int.for self occupied property.I think one circular was there which says that,if the assessee stayed in some other places due to his employment,he can have these two benefits simultaneously.I will sent the circular to you later.

CA. Maulik Dattani

CA. Maulik Dattani (Expert)
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20 November 2007 yes, you can claim both. There are well settled case laws also on this.

The only condition should be checked is the assesse is not staing in his own house because he has to stay otherwise dut to occupation.

you can claim both

K V Subba Rao

K V Subba Rao (Expert)
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20 November 2007 Yes. Please visit http://www.apnaloan.com/taxtips/home-loan-india/taxdeductionbenefitsforhlhra.html and study the Home Loan Tax Tip under caption "Simultaneous tax deduction benefits for home loan and HRA" for very exhaustive discussion on the subject

susan

susan (Querist)
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21 November 2007 why is depreciation calculated seperately under the companies Act & Income tax Act?