Deduction of hra as well as housing loan

Save Share

This query is : Resolved

SHALAKA (Querist)

09 March 2012 While calculating the taxable salary can
a person claim both the benefits of HRA as well as Housing Loan (Principal Repayment as well as interest there on).

If both the houses are in the same city, can a person still eligible to claim both the benefits ?
Pl advise.

Abhishek Ranjan Singh

Abhishek Ranjan Singh (Expert)

10 March 2012 In Same city..NO, but if he is working in A city and take the home loan for B city (Another city) than he can claim both.

Abhishek Ranjan Singh
ARS Solutions
+91 9022838615
email2ars@gmail.co
www.arssolutions.co.in
www.ars-solutions.web.com

Message likes : 1 times

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)

10 March 2012 Under Income tax no specific inter link to claim both. if you are paying House rent which you occupied by you, then eligible for claiming HRA exemption and if you are occupying your own house for residential purpose then you can claim deduction u/s.24. but one person practically cannot occupy both the houses in the same city such as rented as well as own house. so can be claimed either one exemption under act.

In case you cannot occupy your own house due to employment in different city that time your are eligible for HRA and own house as self occupied

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now