exemption for HRA..

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 March 2010 If the assessee owns a house on loan and residing elsewhere, then in this case can he be eligible for both interest on housing loan for self occupied house as well as HRA ??

Vivek Angrish

Vivek Angrish (Expert)
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25 March 2010 He is eligible but one thing which is to be kept in mind is that city in which he is paying rent is to be the city of his employment and the owned house is to be in some another city

Aditya Maheshwari

Aditya Maheshwari (Expert)
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25 March 2010 Both the properties must be located in different cities, then he can claim both.

CA.Nikhil Gupta

CA.Nikhil Gupta (Expert)
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25 March 2010 If he is residing somewhere else, hen how can it be self occupied by him?

Anyhow, he can claim both HRA and interest

Aditya Maheshwari

Aditya Maheshwari (Expert)
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25 March 2010 Dear Nikhil Gupta
Section 23 (2) reads as under:
(2) Where the property consists of a house or part of a house which—

(a) is in the occupation of the owner for the purposes of his own residence; or

(b) cannot actually be occupied by the owner by reason of the fact that owing to his employment, business or profession carried on at any other place, he has to reside at that other place in a building not belonging to him,

the annual value of such house or part of the house shall be taken to be nil.

So exemption will be available u/s 23(2)(b)

CA Ashok Kumar Sahu

CA Ashok Kumar Sahu (Expert)
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27 March 2010 agree with adityaji

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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28 March 2010 agree.if the assessee is residing different city becasue of employment.he can claim both HRA exemption and Housing interest

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