Hra & home loan
This query is : Resolved
18 December 2012
I am paying rent to my father by cash and I have submitted the receipts to my employer for claiming HRA exemption. But my employer insists that I should pay by cheque in order to avoid any issues in future. Is he right?
My second question is regarding repayment of home loan. I have taken a home loan for an under construction property and my EMIs have already been started. As the property is under construction, I cannot claim for the home loan interest rebate. But can I claim rebate against the PRINCIPAL amount repaid to the bank in current financial year?
My second question is regarding repayment of home loan. I have taken a home loan for an under construction property and my EMIs have already been started. As the property is under construction, I cannot claim for the home loan interest rebate. But can I claim rebate against the PRINCIPAL amount repaid to the bank in current financial year?
18 December 2012
make sure your father takes the rent amount in his return of income tax. there is no provision as for cash and cheque and if father is taking in his return of income tax, then i dont see any issues.
Yes it can be claimed as it says epayment of amout borrowed by assessee "for the purposes of purchase or construction of a residential house property the income from which is chargeable to tax under the head “Income from house property”.
I think it should be allowed.
Yes it can be claimed as it says epayment of amout borrowed by assessee "for the purposes of purchase or construction of a residential house property the income from which is chargeable to tax under the head “Income from house property”.
I think it should be allowed.
Message likes :
1 times
18 December 2012
Principal amount repaid to bank is allowable as deduction u/s 80C subject to max limit of Rs. 1,00,000/-
Message likes :
1 times
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
- Off Market debit and credit transaction
- Reporting Income under Section 44ADA
- Itr 1 processing
- ITR 2 Short Term gain & Long term gain
- Showing Gift from relative in ITR for this year
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR selection for salaries and capital gain less than L
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR returnFY25-26
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR validation error - Balance sheet is not filled
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- 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
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
