deduction on housing loan

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Sandeep Modak (Querist)
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18 October 2010 hi,

Can a salaried person claim exemption from tax on
1)housing loan interest
2)house rent

The person is residing in the same town but his house is under construction and due to which he is residing in rented house.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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18 October 2010 HRA would be available in your case.

Also no deduction for interest would be allowable since the house is under construction. The interest will be allowable in the year in which construction is completed in 5 equal instalments in five years.

taxindiaconnect

taxindiaconnect (Expert)
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19 October 2010 Claiming both Interest and HRA will not be possible even after the completion of construction as the the house is in the same city. You need to demonstrate that you are not able to occupy your house due to your employment needs.

However there may be one situation in which you can claim both if you rent out your house and show that income in your ITR.

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