Hra exemption and deduction u/s 24b both allowed or not.
This query is : Resolved
Prajakta Potdar
(Querist)
26 December 2014
Respected Sir
Suppose any employee has acquired house property, for which loan emi is already started, but he has not got possession till date , therefore he lives on rent.
My query is whether, he can avail HRA exemption alongwith deduction u/s 24b or not, if other conditions of deduction u/s 24d are satisfied?
Further, deduction u/s 87A is allowed for those whose taxable income is below Rs.500000 or Gross Income is below Rs.500000? Please confirm.
Suppose any employee has acquired house property, for which loan emi is already started, but he has not got possession till date , therefore he lives on rent.
My query is whether, he can avail HRA exemption alongwith deduction u/s 24b or not, if other conditions of deduction u/s 24d are satisfied?
Further, deduction u/s 87A is allowed for those whose taxable income is below Rs.500000 or Gross Income is below Rs.500000? Please confirm.
26 December 2014
Yes he can avail both benefits since he is not able to live in his own house because has not got possession.
Rebate u/s 87A is allowed if total income that is after Chapter VIA deductions is less than Rs. 5 lac.
Rebate u/s 87A is allowed if total income that is after Chapter VIA deductions is less than Rs. 5 lac.
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