HRA & Home loan
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 December 2009
Can i claim HRA & Home loan deduction at the same time in the return if my home is morethan 50kms from the office
Murtaza I Bhagat
(Expert)
01 December 2009
Yes you can claim both
C.A.Amitabh Gupta
(Expert)
01 December 2009
Yes, u can claim both HRA and Home Loan deduction at same time. HRA is independent of Home Loan and both are governed by separate sections under IT Act.
rgds/
CA AMitabh Gupta
Indore
ag_ind@rediffmail.com
rgds/
CA AMitabh Gupta
Indore
ag_ind@rediffmail.com
01 December 2009
agree
01 December 2009
Agree
CA Ravi Sisodia
(Expert)
01 December 2009
Agree
shakuntala chhangani
(Expert)
02 December 2009
Hi, U/s 10(13A) and Rule 2A, HRA is exempt to the extent of least of following three :
a) 40% or 50% of salary as the case may be
b) HRA received
c) Excess of rent paid over 10% of salary.
It is evident from above Q that employee owns a house property therefore there is no Q of rent payment hence option c (NIL) being the lowest, no exemption will be available for HRA. Yes, the assessee can claim deduction u/s 24(b) and sec. 80C. Regards, CA Shakuntala Chhangani
a) 40% or 50% of salary as the case may be
b) HRA received
c) Excess of rent paid over 10% of salary.
It is evident from above Q that employee owns a house property therefore there is no Q of rent payment hence option c (NIL) being the lowest, no exemption will be available for HRA. Yes, the assessee can claim deduction u/s 24(b) and sec. 80C. Regards, CA Shakuntala Chhangani
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