HRA and Home loan interest benefit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 February 2011 I have taken homeloan for flat and paying EMI from Apr09 (FY09-10). In the same FY, I got possesion of my flat on 15th Mar10. I was staying in rented flat and paid rent for Apr09 to 15th Mar2010 duration.

In such case, am i eligible for both exemptions i.e. HRA (sec10) and home loan interest benefit? If yes, please tell me how to show this while filing the return

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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17 February 2011 1. Upto 15th March , you can claim HRA , exemption.
This will be calculated under the head Income from Salaries.
2. Interest accrued on the housing loan during the year of possession can be claimed under the head Income from House Property.

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Querist : Anonymous

Querist : Anonymous (Querist)

18 February 2011 thanks a lot. Just one doubt.whole interest accrued on home laon for the year cab be claimed or some adjustment needs to be done as I am claiming partly for HRA?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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18 February 2011 Yes, whole year's interest (from 1.4.2009 to 31.3.2010) can be claimed by you.
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HRA is not allowed from the date when you have taken possession of owned property.
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Provisions of claiming interest and HRA are
very clear. You claim in the manner as discussed.

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