Hra (rent) & intrerest of home loan.
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 February 2013
Dear Sir,
Our one employee has taken home loan but not take the possession of home. he lived on rented house.
my query is that can he take the benefit of both -home loan interest & HRA (rent) ???
Please suggest.
Regards,
Rajendra
Our one employee has taken home loan but not take the possession of home. he lived on rented house.
my query is that can he take the benefit of both -home loan interest & HRA (rent) ???
Please suggest.
Regards,
Rajendra
19 February 2013
According to the section 24(b) interest on housing loan allowable from the year of possession of house and interest upto the immediate previous ending financial year is allowable as pre-construction interest as 5 equal installments from the year of possession. So HRA and interest on housing loan doesn't consider at the same time and for the same period.
In case if the possession taken place in the middle of the year then upto the possession of house HRA shall consider and from possession interest shall consider.
OM SAI SRI SAI JAI JAI SAI
In case if the possession taken place in the middle of the year then upto the possession of house HRA shall consider and from possession interest shall consider.
OM SAI SRI SAI JAI JAI SAI
19 February 2013
So for your case both HRA and interest on housing loan doesn't allow because of possession of house not taken place so only HRA allowable.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
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