Doubt regarding housing loan & rent

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This query is : Resolved

Gireesh (Querist)

02 May 2012 I have a own house in Bangalore, for which i have taken a housing loan and my parents are staying there currently.

Now, i am working at Cochin and staying in a rented house.

Can i claim IT exemption for both repayment of housing loan(principal + Interest) and the rent ?

Kindly advise

Thank you.

Thank you all for advises. Really appreciated

CA Dileep Surya Kumar

CA Dileep Surya Kumar (Expert)

03 May 2012 yes, if you are not having a house at the place of employment, you can claim HRA.

Claiming both Housing loan benefit and HRA is not mutually exclusive.

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Mihir Doshi

Mihir Doshi (Expert)

03 May 2012 Dear Gireesh,

You can claim Housing loan principal payment u/s 80C, Interest under 24 till 150,000/- and HRA u/s 10(13A).

In nut shell, all benefits can be availed as your employment is not in the same place where you have bought the house.

Thanks
Mihir Doshi

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Murtaza I Bhagat

Murtaza I Bhagat (Expert)

03 May 2012 yes agree with expert,

HRA is calculation under sec 10(13A)
while housing loan is subject to sec 80C deduction and interest is a part of sec 24(b)

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