HRA Deduction and Interest on Home Loan Deduction
This query is : Resolved
22 February 2023
Can a person claim HRA deduction as well as Deduction on Interest on Home Loan under section 24(b) simultaneously ? Why is Income Tax Site not permitting to enter both fields together while filing ITR ?
22 February 2023
Theoretically it is not allowed. But in certain cases it is possible, e.g. when the workplace is in different city then that of house property.
You can file grievance if you are eligible to claim.
You can file grievance if you are eligible to claim.
06 April 2023
Yes, a person can claim HRA deduction as well as deduction on interest on a home loan under Section 24(b) simultaneously, provided that the conditions for claiming these deductions are met.
HRA deduction can be claimed by an individual who receives HRA from their employer and pays rent for their accommodation. This deduction can be claimed under Section 10(13A) of the Income Tax Act.
On the other hand, deduction on interest on home loan can be claimed by an individual who has taken a home loan for the purpose of purchasing or constructing a residential property. This deduction can be claimed under Section 24(b) of the Income Tax Act.
HRA deduction can be claimed by an individual who receives HRA from their employer and pays rent for their accommodation. This deduction can be claimed under Section 10(13A) of the Income Tax Act.
On the other hand, deduction on interest on home loan can be claimed by an individual who has taken a home loan for the purpose of purchasing or constructing a residential property. This deduction can be claimed under Section 24(b) of the Income Tax Act.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- Liable to deduct tds and 44ADA
- Sale of Equity shares for Purchase of Residential Property
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- ECO SUPPLY REPORTIONG IN GSTR-1
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- CCFS 2026 Schemed
- Subscription paid to foreign customer
- Two seprate Invoice needed
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
