Loss / income from house property
This query is : Resolved
03 December 2012
I availed a housing loan for constructing my house. The construction was completed in Aug 2005. I'm still repaying the loan my parents are staying in that house. I live in a rented house in the same city (Bangalore). My queries are :
1) Can I claim "HRA" as well as "tax exemption against the housing loan".
2) How do I arrive at the "Loss From House Property"
regards,
Naag.
1) Can I claim "HRA" as well as "tax exemption against the housing loan".
2) How do I arrive at the "Loss From House Property"
regards,
Naag.
CA bhargava
(Expert)
03 December 2012
U cant claim HRA., as u r living in the same city.
the principal part of the loan can be claimed as deduction under chapter VIA i.e. 80C
the Interest part can be claimed as income from House property which can be set off from Salary income
the principal part of the loan can be claimed as deduction under chapter VIA i.e. 80C
the Interest part can be claimed as income from House property which can be set off from Salary income
03 December 2012
Hi Bhargava, thanks for your prompt response..However, here an article that says otherwise https://in.finance.yahoo.com/blogs/strategic-moves/claim-not-claim-hra-home-loan-dilemma-093105977.html
Hence, my confusion. Can throw some more light now. I'm really confused.
Hence, my confusion. Can throw some more light now. I'm really confused.
03 December 2012
Forgot to mention that I was refering to Point # 4, in the above article.
CA bhargava
(Expert)
03 December 2012
The Point is clear., though, your parents are living in your house., it is just like u are occupied with. And u are living in one more which means u cant live in 2 houses., right... so u will not be able to claim the exemption under HRA... but u can claim the benefir 0f 80C and 24b
Message likes :
1 times
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
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Capital Gail Exemption Certificate
- Taxation of crypto futures in India Fy 2026- 2027
- Transfer of Physical Stock Between Two Proprietorship Concerns
- MSME disclosure and disallowance
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- EPF ECR NEW RULES Sep 17th 2026
- Accounting treatment of AMC alongwith the purchase of Laptop
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- 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
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
