Hra & loss from house property

Save Share

This query is : Open

Pankaj Diwedy (Querist)
Follow

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.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
Follow

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

Message likes : 1 times

Pankaj Diwedy

Pankaj Diwedy (Querist)
Follow

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"

diwakar mittal

diwakar mittal (Expert)
Follow

03 December 2011 you can take benifit of interest paid at actual amount even exceeding 150000
and principle amount under sec 80C

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
Follow

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

Message likes : 1 times

Pankaj Diwedy

Pankaj Diwedy (Querist)
Follow

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

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now