Housing loan and hra

This query is : Resolved

Timir Palan (Querist)
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08 January 2013 i am staying in Bangalore in a rented property and own a house in Mumbai. The Mumbai house has been let out on rent since November, before which it was just locked.
The mumbai property is on loan.

Now what shall be the tax treatment of the above:-
1 - Can i claim HRA for the rented property i stay in

2 - SInce the second house will be let out only for 5 months then what shall be the Sec 24(b) limit for claiming interest paid on housing loan

3 - Will mumbai property be considered as a deemed let ou for the whole year

Please reply......

CA Sripal Jain

CA Sripal Jain (Expert)
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08 January 2013 1. Yes you can claim HRA,also let me tell you ,you cant take any benefit of section 80gg.

2. You can claim interest for whole year

3. the second property (mumbai)wil be classified as Let out property

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Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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08 January 2013 agree with sripalji,

if you getting HRA then you can claim HRA as deduction under 10(13A) which is based on calculation that how much you can claim as HRA deduction

now turn on to, property and loan as expert said on property has to occupied and second one as let out

so interest can be taken upto 24(b) limit upto 1.5 lacs for both house and also principle amount will be gone to 80C as per limit

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