Interest on Home loan and HRA
This query is : Resolved
24 March 2009
An employee X has taken a loan on house and paid interest and principal Rs.3.50 Lacs during the year.
He has let out the house and received rental income of Rs.1.80 during the year.
He has take another house within the city at a very high rent of Rs.20-25,000/- per month and claims HRA benefit.
He claims both HRA and also -ve income on the house property.
What is the exemption we can allow?
Pl clarify
He has let out the house and received rental income of Rs.1.80 during the year.
He has take another house within the city at a very high rent of Rs.20-25,000/- per month and claims HRA benefit.
He claims both HRA and also -ve income on the house property.
What is the exemption we can allow?
Pl clarify
24 March 2009
HRA condition is that
The person should not own the house
Omkar
The person should not own the house
Omkar
25 March 2009
benefit allowed
1. Deduction in respect of interest on loan u/s 24(b) from income from house property*.
2. deduction u/s 80 C for repayment of principal amount of loan from GTI*
3. exemption u/s 10(13A) and rule 2A for rent paid in respect of HRA*.
*Subject of other conditions of respective sections
---------------------------------------
No where is IT act a person has been prohibited from Claiming exemption u/s 10(13A) and u/s 24(b) simaltaneously
1. Deduction in respect of interest on loan u/s 24(b) from income from house property*.
2. deduction u/s 80 C for repayment of principal amount of loan from GTI*
3. exemption u/s 10(13A) and rule 2A for rent paid in respect of HRA*.
*Subject of other conditions of respective sections
---------------------------------------
No where is IT act a person has been prohibited from Claiming exemption u/s 10(13A) and u/s 24(b) simaltaneously
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Fixe term employment
- Is any professional CA is here please reply
- Gift Received from nonblood relative
- Section 50-fixed asset-->building ceases to exist
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Experts need help
- Putting a heading on received mail
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
