23 April 2012
I lived in a rented house at Dombivali frm April-11 to Sep-11. I purchased a flat at miraroad in the month of Sep-11 & gave on rent of Rs8000/- p.m. Up to Sep-11,for 6 month I submited the Rent Reciept to claim the HRA benifit. And also calimed the interest (150000) & pricncipal frm Sep-11 to MAr-12. My question is 1) Can i claim interest & principal amt eventhough the property is letout?
23 April 2012
Yes you can claim both interest and principle eventhough it is let out or not. If let out property no limit for deduction of interest on housing loan otherwise for the self occupied property the limit of deduction of interest under section 24(b) is Rs.1,50,000 p.a. However principle comes under section 80C deduction in any of the case.
23 April 2012
Hi Navin, You cannot claim HRA exemption u/s 10(13A) if you own a House Property in your name in the same town. However, you can claim Deduction of Interest repaid U/s 24(b) and Principal repaid u/Section 80C for the let out House Property.
In your case, you can claim both of the benefits i.e. HRA u/s10(13A) and 24(b) interest with deduction u/s 80C for principal repayment,because you have paid the rent to landlord.
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