01 July 2010
My annual income is Rs 7 Lac. I am living with my parents in Govt. quarters (alloted to my father by Govt. on rent). I have also taken the home loan of Rs 28 Lacs from Bank to purchase a new home (new home is on tha name of my mother). Please advise if i can avail the benefits of HRA exemptions and deduction u/s 24(b) simultaneouly?? Also suggest alternative tax planning.