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
01 December 2009
Yes you can claim both
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
01 December 2009
Agree
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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