Claim HRA and House Loan Interest

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Girish (Querist)
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25 January 2010 Can anyone tell that an Individual staying in the same city can claim HRA exemption as well as House loan interest.An individual stays with parents and has another house where he goes only for night stay
regards
Girish

CA Prashant Gupta

CA Prashant Gupta (Expert)
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25 January 2010 as per my point of view if he is showing that he is paying Rent to his parents then he can claim HRA exemption as per rules.
If he has taken House loan then he can calim interest exemption also.
But if we consider both then he can claim HRA and interest both till house is not completed. after completion he will live in his own house and no HRA exemption.

CA. Pradeep Nayak

CA. Pradeep Nayak (Expert)
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27 January 2010 I wish to differ with Mr. Prashanth's views. An assessee cannot avail both HRA exemption & house loan interest deduction when the self occupied property on which housing loan deduction is claimed & the property on which rent is apid is situated in the same city.

Incase the self occupied property is under construction, the assessee cannot claim the interest deduction during the pre construction period. It can be claimed in 5 equal instalments begining from the A.Y in which the construction gets complete subject to a maximum ceiling of Rs. 1.5 lakhs.

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