Dear All,
Can a person claim Income Tax exhemption for HRA & Homeloan at the same time. house property purchased in KALYAN & house property on rent in AMBERNATH both the Cities are just 6-7 km from each other...pls reply with advice
indian (MBA) (40 Points)
03 January 2020Dear All,
Can a person claim Income Tax exhemption for HRA & Homeloan at the same time. house property purchased in KALYAN & house property on rent in AMBERNATH both the Cities are just 6-7 km from each other...pls reply with advice
CMA M.Keerthi chandra
(C.A FINAL STUDENT AND QUALIFIED C.M.A)
(561 Points)
Replied 03 January 2020
As per Sec 10(13A) the residential accommodation against which the allowance is received must not be owned by the Assessed.
Hence in your case since both the houses are different and it seems you are actually incurring expenditure for the rent,there is no bar in claiming HRA .Hope the other conditions are satisfied to claim Home loan interest and actual payment.
But note that both 10(13A) and Sec 80GG cannot be claimed simultaneously.
debora M
(BUSINESS DEVELOPMENT MANAGER)
(1697 Points)
Replied 10 June 2020
Yes, you can claim income tax exemption on both house rent allowance (HRA) and repayment of home loan. If you are living in a house on rent and servicing home loan on another property - even if both the properties are located in the same city - you can claim tax benefit for both
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