Hra & home loan exemption
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 January 2014
Hi,
I ve been gifted a residential property by my mom on which i have taken home loan to construct additional floor.The property is still registered in the name of my mom which shall be passed on to me after her.
Now that I stay on the additional floor with my parents & let out the other floor,the rent of which is collected by my parents.
Can i claim HRA on the part of the property where i stay along with my parents & also the tax benefit on the EMI repaying?
I ve been gifted a residential property by my mom on which i have taken home loan to construct additional floor.The property is still registered in the name of my mom which shall be passed on to me after her.
Now that I stay on the additional floor with my parents & let out the other floor,the rent of which is collected by my parents.
Can i claim HRA on the part of the property where i stay along with my parents & also the tax benefit on the EMI repaying?
CMA Ramesh Krishnan
(Expert)
09 January 2014
EMI repayment benefit you cannot take since the property not in your name. you can claim the HRA exemption as you can pay the rent to parents
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