Hra deduction & interest on housing loan

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 May 2013 I stay in rented property and paying rent. I have property in the same city for which i am paying interest on housing loan. But, this property is old (40 years). So, for my safety,i am staying in rented property in the same city.

So, can i claim HRA deduction and interest on housing loan both ?

Rupesh Jain

Rupesh Jain (Expert)

29 May 2013 IT POSSIBLE WHEN YOU TAKE NOTIONAL RENTAL VALUE AS TAXABLE IN HIS INOCME TAX RETURN

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Querist : Anonymous

Querist : Anonymous (Querist)

29 May 2013 How to arrive at notional rent value. Rent amount varies from builiding to building and even within building also, depending on facility and conditions of flat ?

Rupesh Jain

Rupesh Jain (Expert)

30 May 2013 r/sir

ITO (income tax officer ) have take a notion rental value . and make addition in your income.

you can take rental value as notion rent as same location and same condition property .

Querist : Anonymous

Querist : Anonymous (Querist)

30 May 2013 Thanks Rupesh. But still issue remains open. What i should take as notional rent as it is very subjective matter. First i need to assume some notional rent value and than ITO's role comes into picture.