10 February 2017
I am working in hyderabad and I has a owne house at Mumbai. I am paying rent in hyderabad and my family was staying at Mumbai. shall I get both exemption hra and interest on housing loan. if both house are in same city both exemption will get. can you provide section as per income tax and clarification.
10 February 2017
You can claim HRA exemption if you are living on rent, whereas you claim deduction for repayment of home loan. You can claim tax benefit for both, but only if you fulfil the conditions.
Let’s say you have bought a house by taking a home loan and you also live in it. In this case, you will not be able to claim HRA, but will be able to claim tax benefits on both the principal and interest.
If you have bought a house with the help of a home loan and live in another house on rent, you can claim tax benefit for both. But if the house you bought and the house you live in are in the same city, you should have a genuine reason for not living in the house that you own. The reasons could be that the house you own is too far from your workplace, or the commute is very difficult.
14 February 2017
I has taken home loans at Mumbai and purchase house at Mumbai. In that house my parents are staying. For employment purpose I am staying at Hyderabad and I am paying rent monthly. In this case shall I claim both HRA and loan as exemption.
CAclubindia
