Interest Exemption under Income from House Property

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This query is : Resolved

Baljinder Singh (Querist)

23 October 2007 Sir,

I am working in Pvt. Ltd. Company at delhi and residing on rental basis. I am claiming HRA expemtion under the salary head. Now I would like to Purchase house property in U.P. after taking loan from father and the payment of loan will start after 2 year. when he gets his aged about 66 year. my Quesation is are under : -

1. Can I the loan from Father ?

2. After 2 year I will start making the payment of loan with Interest, then I claim the exemiton of Interest under head Income from house property and Income the head Salary u/s80c?

3. Can I claim the both exemition of HRA & Interest Income.Because I am living in Delhi & my house in U.P. ?

Pls advise me, what is my position ?

Regards,

Baljinder Singh

R.V.RAO

R.V.RAO (Expert)

23 October 2007 YES YOU CAN CLAIM HRA AND INTEREST AS THE PLACE OF PROPERTY AND PLACE OF WORKING ARE DIFFERENT.
THE WORDING OF SEC 24 DOES NOT BAR FATHER'S LOAN FROM INTEREST EXEMPTION. YOU CAN RAISE LOAN FROM FATHER. BUT PL. TAKE SOME DOCUMENT FOR SUPPORT IN CASE OF A QUERY ABOUT HIS SUORCE ETC...
FOR MORE DETAILS REFER www.taxworry.com
R.V.RAO

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