Hra & loss from house property
This query is : Open
03 December 2011
Hi,
Although I have a house of my own, i stay in a rented house for proximity to my office.
My owned house is let out. In such case, can i claim both HRA as well as the loan interest and premium paid? If yes, to what extent ( i mean exemption cap) and if no, whats the way out to minimize my tax burden as i am paying a lot of money towards interest.
Thanks for your time.
Although I have a house of my own, i stay in a rented house for proximity to my office.
My owned house is let out. In such case, can i claim both HRA as well as the loan interest and premium paid? If yes, to what extent ( i mean exemption cap) and if no, whats the way out to minimize my tax burden as i am paying a lot of money towards interest.
Thanks for your time.
03 December 2011
If the own house property is in different city and you are working in different city, there is possibility of claiming HRA for rented house and self occupied house property benefit for own house. maximum interest can be taken Rs.1.50 lakh
If both are in same city, not possible to take both either one need to be taken, but you can take HRA & house property treat & take as let out to claim actual interest
If both are in same city, not possible to take both either one need to be taken, but you can take HRA & house property treat & take as let out to claim actual interest
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03 December 2011
Thanks a lot for clarifying. Just didnt get the last part of your statement,"HRA & House property and treat & take as let out to claim actual interest"
03 December 2011
you can take benifit of interest paid at actual amount even exceeding 150000
and principle amount under sec 80C
and principle amount under sec 80C
04 December 2011
In my second point, i explained as you can take HRA benefit for your rented house and the your own house you can treat as let out property and calculate nominal rent and take full interest as deduction as house property loss
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04 December 2011
But as you explained, if i am renting a house in the same city as that of my own house then i wont get exemption for both, HRA as well as loan interest. Guess, will have to check out which one will be a better option financially
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