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Querist : Anonymous

Querist : Anonymous (Querist)

17 February 2012 Can an employee claim both deductions under House Rent and HBL simultaneously. If so what are the criterion to be followed if both the rented and constructed building is within the proximity of the working place.In case the possession of the house not taken but the EMI has been started, shall I allow the HRA for the said period. Early response shall be solicited.

Thanks & regards

SANDEEP AGGARWAL

SANDEEP AGGARWAL (Expert)
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17 February 2012 Both can be claim if self occupied property is outside the range of place of employement and he is required to stay in rented premises due to employment.HRA can be claimed till the date of possession.Interest during construction period will accumulate and allowed@20% for next 5Years.

Regards,

CA Sandeep Aggarwal

Querist : Anonymous

Querist : Anonymous (Querist)

17 February 2012 Thanks for your early response. Could you please elaborate "Interest during construction period will accumulate and allowed @20% for next 5 years"

Thanks & regards

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