Hra exemption

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 December 2014 Hi Experts,

Need an advice. I have bought a House Property in Aug 2014. This is the only house I own. I have sought a loan against the property.The Interest amount for this loan for the period Aug14- Mar 15 is approx 2.80 lakhs.

I am staying in a rented flat presently and will be moving to my own house in Apr 2015.

My queries:-
1. Whether I can claim HRA for the whole financial period ending March 2015.
2. Since the House will remain vacant for the whole year, will it be treated as DLOP (deemed Let Out) or as SOP. Point to be noted here is that I dont own any other house. The House is resale and ready to use flat.

Please help for the above points.

Thanks

CA NAVEEN SINGLA

CA NAVEEN SINGLA (Expert)
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23 December 2014 Sir,

If u r living in a rented house. You can claim HRA if your co. is giving you benefit of HRA.

You can also claim benefit of Interest on loan up to 2.50 Lacs nd Principal Amount of loan up to 1.50 Lacs.

ur owned house wld be covered under SOP

CA NAVEEN SINGLA

CA NAVEEN SINGLA (Expert)
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23 December 2014 Further loan sld be from Bank or FI for claiming Benefit otherwise you cannt

Rupesh Jain

Rupesh Jain (Expert)
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23 December 2014 you can as deemed to let out and claim the whole intt and claim the principle u/s 80C

Querist : Anonymous

Querist : Anonymous (Querist)

23 December 2014 Thanks everybody for the reply.

The main reason i raised this query was to know , whether we can claim both HRA as well as Interest on housing loan for the whole period.

But it appears from the above replies that :-
1. We can claim HRA for the period for which am staying in the rented place.

and

2a. Claim Interest on Housing Loan max . upto Rs.2,00,0000 treating it as an SOP.

or

2b. Claim entire amount of interest treating it as DLOP.

Is my statement right