Claim HRA as well as Housing Loan Interest & Principal
This query is : Resolved
17 April 2009
I have one House. This House are in the name of My Father, My Mother & My Self.
I am a Salary Employee & Company given to me HRA.
I taken a Loan on this House & Pay EMI from My Account.
My Father Has another one House. I stay in this House & Pay the Rent to My Father by Cheque for this House. My Father show this rent Income in his IT Rturn.
My Query is :
(1) Should I Claim HRA as well as Houseing Loan Interest & Principal Amount in My IT Return?
(2) If Rent paid above Rs.10000 p.m. i.e. above Rs.120000 p.a. & my Father has below Exemption Limit should I deduct TDS on Rent?
(3) I Have only Salary Income & there is no Other Income should I get TAN no for Deduct TDS on Rent?
I am a Salary Employee & Company given to me HRA.
I taken a Loan on this House & Pay EMI from My Account.
My Father Has another one House. I stay in this House & Pay the Rent to My Father by Cheque for this House. My Father show this rent Income in his IT Rturn.
My Query is :
(1) Should I Claim HRA as well as Houseing Loan Interest & Principal Amount in My IT Return?
(2) If Rent paid above Rs.10000 p.m. i.e. above Rs.120000 p.a. & my Father has below Exemption Limit should I deduct TDS on Rent?
(3) I Have only Salary Income & there is no Other Income should I get TAN no for Deduct TDS on Rent?
17 April 2009
No, you cannot claim HRA because you have house in your name and you are also claiming housing loan rebate. If you are staying in different city in which you dont have home then you can avail HRA rebate
18 April 2009
1.Yes.
You can definitely claim both HRA and housing loan benefits at the same time.
2.No need to deduct tax and obtain a TAN number because that requirement is for persons having income from business or profession.
You can definitely claim both HRA and housing loan benefits at the same time.
2.No need to deduct tax and obtain a TAN number because that requirement is for persons having income from business or profession.
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18 April 2009
FIrst of all you cannot get HRA and HOusing Loan deduction at the same time.
Because for only one residential house the deductions are availed and one cannot have a rental & a owned house in his name.
It is not allowed in the income tax act.
The laibility to deduct tds is for the persons who are laible to audit there acounts under sec 44AB that is tax audit.
You are not liable to deduct TDS or get a TAN no.
Because for only one residential house the deductions are availed and one cannot have a rental & a owned house in his name.
It is not allowed in the income tax act.
The laibility to deduct tds is for the persons who are laible to audit there acounts under sec 44AB that is tax audit.
You are not liable to deduct TDS or get a TAN no.
18 April 2009
For your kind information Mr.Sourabh there are two houses as stated by mr.Deepen in the question.
So don't answer in a haphazard manner.
So don't answer in a haphazard manner.
18 April 2009
For your kind information Mr.Sourabh there are two houses as stated by mr.Deepen in the question.
So don't answer in a haphazard manner.
So don't answer in a haphazard manner.
18 April 2009
Dear Sir,
Nitin & Sourabh, Thank's for Solve This Query
I stay in Mumbai. My own House i.e. I pay EMI are 60 km away from Second House i.e. I pay Rent. My Company Office are away from 60 min from both House.
In that cae it is Differnt location claim for Both Deduction?
Nitin & Sourabh, Thank's for Solve This Query
I stay in Mumbai. My own House i.e. I pay EMI are 60 km away from Second House i.e. I pay Rent. My Company Office are away from 60 min from both House.
In that cae it is Differnt location claim for Both Deduction?
19 April 2009
Yes certainly if there are two properties and you pay rent you can claim HRA and Hsg.Loan both
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