Deduction u/s 24
This query is : Resolved
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?
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.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
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.
Regards
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.
Regards
24 April 2012
Hi,
Thank you for the reply.
It means I can't claim both HRA & Interest Exemption eventhough i paid rent for 6 month?
Thank you for the reply.
It means I can't claim both HRA & Interest Exemption eventhough i paid rent for 6 month?
24 April 2012
Hi Navin,
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.
Regards
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.
Regards
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GSTR-1A How to update Invoice
- Excess salary payment.
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- TDS on Purchase of Immovable Property by NRI from NRI
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Stamp Paper for partnership firm change new income tax 2025
- Capital gain from sale of house property
- When TDS on GST applied
- Before GSTAT- APL-02 Vs APL-04
- Annual return in Gst
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
