Exemption of hra v/s interest paid on the housing loan.
This query is : Open
Hiren shah
(Querist)
14 July 2013
Dear All,
Can an Assessee avail the exemption of HRA under the head "Income from Salary"( as he is living on rent) and simultaneously avail the exemption of Interest paid on Housing Loan on Self occupied property(SOP) under the head " Income from House property".
The Interest paid is on the SOP but the same building is under Redevelopment process and thus not in a condition to reside.
Thus can he avail the exemption simultaneously.??
If He can not avail the Interest paid on SOP then can he carry forward the same to get the exemption in the subsequent A.Y. and what would be the Time limit till the assesee can carry forward the same.
Awaiting for the response.
Can an Assessee avail the exemption of HRA under the head "Income from Salary"( as he is living on rent) and simultaneously avail the exemption of Interest paid on Housing Loan on Self occupied property(SOP) under the head " Income from House property".
The Interest paid is on the SOP but the same building is under Redevelopment process and thus not in a condition to reside.
Thus can he avail the exemption simultaneously.??
If He can not avail the Interest paid on SOP then can he carry forward the same to get the exemption in the subsequent A.Y. and what would be the Time limit till the assesee can carry forward the same.
Awaiting for the response.
CA Kumar Mukesh
(Expert)
14 July 2013
yes you are correct he has to carry forward interest paid on house property which under construction. After the 1/5th of this accumulated balance of Interest will be claimed as an deduction under Second proviso of section 24b subject to maximum 150000/- PA
yes you are correct he has to carry forward interest paid on house property which under construction. After the 1/5th of this accumulated balance of Interest will be claimed as an deduction under Second proviso of section 24b subject to maximum 150000/- PA
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Hiren shah
(Querist)
15 July 2013
Thank you Sir for your valuable answer.
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