Tax planning for Salaried employee

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Pankaj (Querist)
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01 July 2010 My annual income is Rs 7 Lac. I am living with my parents in Govt. quartes (alloted to my father by Govt. on rent).I have taken a home loan of Rs. 28 Lacs to purchase a new home (new home on the name of my mother).

1. Please advise if i can take the benefits of HRA exemption and deduction u/s 24b simultaneously?

2. My PF deduction is 84,000 per annum {35,000 -employee and 35,000- employer). is it covered under 80C?

3. Also advise alternative tax planning?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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01 July 2010 1.You cannot claim HRA since you are Govt.employees stying Govt.Quarters and there is separate calculation for claiming Rent accomadation by Govt

2.Your contribution Rs.35000 will qualify for sec.80C and employer contribution exempted from tax

3. you can claim interest u/s,24(b) no restriction for the same

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