exemption
This query is : Resolved
19 May 2010
can I get both HRA and housing loan interest and principal amount exemption for the calculation of Income Tax ?
CA Archana
(Expert)
19 May 2010
Yes,see dont get confused with the income from house property and HRA.U r in a rented accommodation thats why u r getting HRA in your salary(which is income under salary head.
Rahul Gupta
(Expert)
19 May 2010
Agreed. But possible only in case you have different houses i.e rented and owned.
In case, both the houses are same, then you are said to occupied your house as self occupied and in that case, there is no rent so no HRA exemption.
In case, both the houses are same, then you are said to occupied your house as self occupied and in that case, there is no rent so no HRA exemption.
CMA.Palani Arumugam
(Expert)
19 May 2010
Agreed. You can claim HRA exemption only if you have actually paid the rent for your accommodation.
You can avail deduction for interest & principal repayment of loan, taken for the purpose of purchase of house property(subject to limit).
You can avail deduction for interest & principal repayment of loan, taken for the purpose of purchase of house property(subject to limit).
K V Subba Rao
(Expert)
19 May 2010
I agree with the above views. You may also like to check the following link
https://www.apnaloan.com/home-loan-india/home-loan-vs-hra-tax-benefit.html
https://www.apnaloan.com/home-loan-india/home-loan-vs-hra-tax-benefit.html
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