Deductioin of hra and house loan interest
This query is : Resolved
01 January 2012
DEAR
IF ON EMPLOYEE LIVING IN DELHI AND PAYING RENT AND HE HAS PURCHASED NEW HOUSE AT ANOTHER CITY, HE TOOK LOAN FROM BANK, CAN HE GET HRA DEDUCTION AND 80G DEDUCTION BOTH OR ONLY ONE DEDCUTION............
THANKS
IF ON EMPLOYEE LIVING IN DELHI AND PAYING RENT AND HE HAS PURCHASED NEW HOUSE AT ANOTHER CITY, HE TOOK LOAN FROM BANK, CAN HE GET HRA DEDUCTION AND 80G DEDUCTION BOTH OR ONLY ONE DEDCUTION............
THANKS
CA PARAS BAFNA
(Expert)
01 January 2012
He will get HRA benefit.
He will get 80G deduction within the prescribed criteria.
And He will further get Deduction U/s 24 out of the Rental Income Arising from the new House towards interest on loan.
If he repays principal amount also , He will get 80C deduction also.
He will get 80G deduction within the prescribed criteria.
And He will further get Deduction U/s 24 out of the Rental Income Arising from the new House towards interest on loan.
If he repays principal amount also , He will get 80C deduction also.
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