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House rent/home loan benifit

This query is : Resolved 
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(Querist)
26 April 2012 Is there any way to take the benefit of home loan and hour rent exception? If yes please provide the detailed information.

Thanks
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Mihir Doshi

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Mihir Doshi (Expert)
26 April 2012 Both can not be claimed simultaneously.

It can be claimed in the following situation only:

House is purchased in the city other than the city where you do your job currently, so HRA is also claimed as well home loan interest and principal can also be claimed.

Thanks
Mihir Doshi
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CA Kishore Tallam

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CA Kishore Tallam (Expert)
26 April 2012 Agree with expert. In that case, the HP will be taxed as SO. However, u can show a nominal amount of rental income and if ur interest is more than 1.5 lacs, then this will be useful
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Murtaza I Bhagat

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Murtaza I Bhagat (Expert)
26 April 2012 yes agree with both experts
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