HRA and Stamp fee

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This query is : Resolved

Subodh (Querist)

25 March 2008 Dear All,
If any employee claiming HRA and submitting rent receipt for whole year and if he also puchased home and claiming EMI and PEMI along with stamp duty and regsisteration fees (80C) for the same financial year... My query is this OK and what document we should ask to submit for calculation of Income Tax of the financial year?
Thanks
Subodh

RICKY

RICKY (Expert)

25 March 2008 There is no problem to claim HRA and at the same time Housing loan deduction also he can claim.

there is no provision in Income tax restrains the same.

and also to declare by the employee that all the above details we have to ask folowing documents.
1. Form 16 (employer certificate)for HRA
2. Bank certificate for Interest and Housing loan principal payment.
3. Stamp papers to claim stamp duty.

Vikas Garg

Vikas Garg (Expert)

25 March 2008 Yes u can take benefits of both the things. Income tax act doesnot restrict u on that. U need to submit following documents:
For HRA rent receipt. For Loan benefit, bank certificate for interest and principal payment statement.

R.V.RAO

R.V.RAO (Expert)

25 March 2008 FOR SAME FIN. YEAR ONE CAN CLAIM BOTH HRA AND 80 C STAMP DUTY AND REGN. EXP. ON PRODUCTION OF RENT RECEIPT FOR HRA AND SALE DEED COPY WHERE STAMPING IS DONE/BAMK CHALLAN FOR STAMP DUTY AND REGN. EXP .
THE LIMIT UNDER 80 C IS RESTRICTED TO RS. 100000/ AND CLAIM OF DEDUCTION CAN BE MADE PROVIDED THE PROPERTY IS REGISTERED IN THE NAME OF THE ASSESSEE.
R.V.RAO

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