07 April 2014
What if a salaried person has owned a house in one area and lives for a rent in another area, and also had acquired housing loan for his owned house. Can he avail exemptions on both HRA and interest on Housing loan??
Theoretically, it should be included in the tax return of the person who contributed the amounts lying in the bank account.
However, the banks often deduct taxes against the PAN of the first account holder itself.
In case the actual contributor is the second/third account holder, it would require that you submit declaration under Rule 37BA(2) to the Bank to ensure that TDS is deducted against the contributor's PAN.
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