HRA Exemption

This query is : Resolved

Ajay Goswami (Querist)
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12 March 2009 Suppose Mr A taken housing loan for a house which is in Baroda but he actually working in Surat and receiving HRA from P Ltd. Co.in surat.

Whether He can claim both
1) HRA exemption by Paying rent in Surat &
2) Repayment of loan
(Principal in 80C and Interest as
house loss )
pl provide the Act Back up for your answer with sections etc.

CA Ravi Kumar Murugesh

CA Ravi Kumar Murugesh (Expert)
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12 March 2009 He can claim both.
provided he is getting HRA( House Rent allowance)
He is residing in a rental accomodation
He must not own a house at the place where he is living
The exemption will be least of the following
1. HRA received
2.The excess of rent paid over 10% of salary
3. 40% of salary in all place except Delhi,Calcutta, Bomay,& Madras where it is 50% of salary

K V Subba Rao

K V Subba Rao (Expert)
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12 March 2009 Yes. Please check the following link:

http://www.apnaloan.com/home-loan-india/taxdeductionbenefitsforhlhra.html

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