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
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