Housing loan and hra
This query is : Resolved
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......
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......
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
2. You can claim interest for whole year
3. the second property (mumbai)wil be classified as Let out property
Message likes :
1 times
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
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
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Unregistered suppliers utility
- ITDS U/S.194T of Firm
- Difference between Date of Payment and Date of Deduction?
- GST Rate for Catering Services
- FCRA 6 E- Intimation
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- Non-Compliance documents have not been submitted by the contractors debited
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
