HRA & Sec. 24 (b)
This query is : Resolved
29 May 2011
Hi!
If I am working in a company in Delhi where i m getting HRA and i am claiming exemption for the rent paid by me.
Now i want to purchase a house property by taking a loan in NCR (Noida, Gurgaon, etc) then whether i was able to claim both HRA exemption and interest paid by me on the loan taken u/s 24 (b).
Also if i purchase a house property in Delhi then whether i was able to claim both HRA exemption and interest paid by me on the loan taken u/s 24 (b)
If I am working in a company in Delhi where i m getting HRA and i am claiming exemption for the rent paid by me.
Now i want to purchase a house property by taking a loan in NCR (Noida, Gurgaon, etc) then whether i was able to claim both HRA exemption and interest paid by me on the loan taken u/s 24 (b).
Also if i purchase a house property in Delhi then whether i was able to claim both HRA exemption and interest paid by me on the loan taken u/s 24 (b)
U S Sharma
(Expert)
29 May 2011
24(b) is applicable only after completion of house, and once you own a house, your HRA would get taxable,
if you rent out the house property and show the rental in your ITR, then you can claim HRA
if you rent out the house property and show the rental in your ITR, then you can claim HRA
30 May 2011
Hi!
But i think if i does not own a house in that city in which i m paying rent then i will be eligible for HRA exemption.
But i think if i does not own a house in that city in which i m paying rent then i will be eligible for HRA exemption.
CA Sanat Pyne
(Expert)
30 May 2011
yes you are right. if you do not own a house in that city in which you are paying rent then you will be eligible for HRA exemption.
CA Sanat Pyne
(Expert)
30 May 2011
for details visit
https://www.caclubindia.com/articles/hra-housing-loan-interest-deduction-simultaneously-5955.asp
https://www.caclubindia.com/articles/hra-housing-loan-interest-deduction-simultaneously-5955.asp
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