Hra and housing loan

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 February 2014 Dear Sir/M'am

Can benefit of HRA in Palwal and interest on Housing loan in Faridabad availed together ?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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20 February 2014 yes both can be claimed subject to conditions specified in relation to each of them.

For HRA: actual rent should have been paid and that the house should not be owned by the assessee

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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27 February 2014 PAN of landlord compulsory in case if rent paid exceeds Rs 1 lakh.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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27 February 2014 i have to differ a bit on the HRA issue. It is not mandatory that the employee cannot claim HRA deduction where employer has not covered the same in Form 16. the condition of PAN has been issued through a circular which are not binding on the assessee. The circular is for computation of tax liability under 192 and not under the charging provisions of the act. PAN is necessary only for employer to allow exemption under HRA while computing TDS liability under 192.

The employee while filing the return can compute the tax liability on his own after computing exemption under HRA. However, it shall be incumbent upon him to provide proof for payment of rent if his case is picked up in scrutiny.

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