Deduction u/s 24

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Naveen Poojary (Querist)

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?

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)

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

CA Prasanna

CA Prasanna (Expert)

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

Naveen Poojary

Naveen Poojary (Querist)

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?

CA Prasanna

CA Prasanna (Expert)

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

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