Exemption

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Aadish Jain (Querist)
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07 September 2013 an individual lives on rent in jaipur and pays 7000 per month rent. he took a housing loan and pays 75000 interest on that loan in f.y. 2013-14. the house is under construction ans he still lives on rent than can he get deduction of hra and interest on loan both on same time.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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08 September 2013 you can claim the HRA for the rent paid for rented house. but interest on housing loan now you cannot claim, since the property in construction stage, interest during construction stage can be accumulated as preconstruction interest till the completion of construction and can be claimed in 5 equal instalment after completion of construction u/s.24b

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