Housing Loan Interest section 24 and HRA
This query is : Resolved
Sanjay Dhaduti
(Querist)
15 March 2009
I have a housing loan towards which I pay an interest of Rs. 2.4 lacs p.a the house is rented out @Rs.2000 per month. As this current house is far away from my place of work eventhough in the same city I have rented out a house for Rs. 9000 p.m., my company gives me an HRA of Rs. 8000 p.m.
Can I claim tax exemption on HRA (of course as per its specfic rules whichever is lowest of the 3 options) along with full deduction of Rs. 2.4 lacs minus Rs. 24000 rent receipts from my taxable Income.?
How do I need to declare this rent receipts of Rs. 24000 p.a. as my company issues me Form16?
Can I claim tax exemption on HRA (of course as per its specfic rules whichever is lowest of the 3 options) along with full deduction of Rs. 2.4 lacs minus Rs. 24000 rent receipts from my taxable Income.?
How do I need to declare this rent receipts of Rs. 24000 p.a. as my company issues me Form16?
CA Nitin Wadhwani
(Expert)
15 March 2009
1.Yes U can claim HRA.
2.Your employer will treat 24000/- as income under any other head of income in Form 16.
2.Your employer will treat 24000/- as income under any other head of income in Form 16.
15 March 2009
i support the expert.
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