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Can i claim hra and house loan interest/ principal benifit

1189 views 9 replies

Asheesh

Software Engg

46 Points Posted on 15 January 2015

Hi, I am staying in a rented appartment and recently bought a house in resale (so property is ready to move) in the same sector where i live in.But i will not be moving in during this financial year so until march the bought property is going to be vacant.

I have taken house loan to purchase this property and hence paying EMIs' for that.

Is it possible to take income tax benefit of HRA and House loan principal/interest payment both?

Please advise.

Replies (9)

Purushottam Lal Garg

Senior Accounts Executive at Chanson Mot

83 Points Posted on 16 January 2015

In my opinion, you can receive benefit of HRA for rent paid by you and Interest/Principal on loan paid for house loan taken as both are difference point.

CS Advocate Abhishek Goyal

M Com FCS LLB M-AIMA

14046 Points Posted on 16 January 2015

You are eligible for housing loan benefit but not for HRA as the house is situated in the same sector where you are living on rent.

Guest

Yes you can receive HRA exemption as well as interstate can be claimed under section 24 and principal paid under 80C.

Kamal

Artical Trainee

23 Points Posted on 16 January 2015

After possession of house you can claim principal as well interest portion but now can claim only HRA.

Manish Malpani

Chartered Accountant

61 Points Posted on 17 January 2015

Yes you can claim Both

Asheesh

Software Engg

46 Points Posted on 20 January 2015

Thanks for the suggestions guys.

But do i need to show some notional rent/ rent for the house which i purchased? if yes then is there any guidelines on how much rent shall i show?

Or it can be claimed straight?

Thanks,

Asheesh

Hardik

M.D.

26 Points Posted on 24 January 2015

You wont be able to claim HRA, since you have owned property in the same city, however you can claim interest paid as well as principal payment under respective sections.

Asheesh

Software Engg

46 Points Posted on 29 January 2015

Hi Guys, I am more confused now.

I think i can claim HRA for sure as i am actualy paying the rent.

For the home which i purchased , i can show it on rent and claim tax benifit for principal and interest for the housing loan. Isn't it correct?

Thanks,

Asheesh

CS Advocate Abhishek Goyal

M Com FCS LLB M-AIMA

14046 Points Posted on 31 January 2015

You can claim interest and home loan benefit but not HRA as you are living in the same city on rent in which you also owe a house property of your own which is ready for possession but you are not moving in.