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HRA & Home Loan

This query is : Resolved 
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22 March 2011 I purchased a house in Vasundhara, ghaziabad and paying EMI. It is in my possession but neither rented out nor I live there. I live in other Rented House in Vasundhara itself. I am planning to shift in my own house in next F-year.

Can I claim tax benefit on both HRA and EMI(Principal & Interest)
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CA Namrata Dedhia

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CA Namrata Dedhia (Expert)
22 March 2011 For the current year, you cannot claim benefit of HRA since the time you have purchased the house as you own a house in the same city.

Also, since you are not occupying the purchased house, it will have to be taxed on deemed let out basis, against which you can claim benefit of the interest paid.

For the principal part, you can claim deduction u/s. 80C if the loan is taken from eligible lenders under that section and other conditions are satisfied.
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