Claim HRA as well as Housing Loan Interest & Principal Amount

Deepen

First of all A very Besy Wishes & Good Luck for your preparation & CA exams .....

Lets talk abt ur question.

(1)     First of all you can avail both deduction at a time but both the houses  should be at different location i.e one house on which you are paying EMI's are at home town & second house of which you are paying rent are at different location & u occuping such house due to ur office place OR due to ur service . In that thase case you can avail both the deduction.

(2)    As per section 194I , that particular section doesn't applies on Individual & HUF (except if  sec. 44AB  apply then this section applies) . But the main point is concerned about whether ur father shows rental income or not . If he shows the rental income then no issue . You can pay any much of amount.

(3)     When ther is no point of TDS then no point of TAN no............

Hope now you are clear ..............

Regards

SORABH GUPTA

Hi Sorabh, Thank's for Solve This Query

You say Second House of which I paying Rent at different location

I stay in Mumbai. My own House i.e. I pay EMI are 60 km away from Second House i.e. I pay Rent. My Company Office are away from 60 min from both House.

In that cae it is Differnt location claim for Both Deduction?

Dear Deepen ,

Different location doen't means that both houses are in different city. The main point is  thay you are staying at that place due to bisiness compulsion not for personal convinience . As you told that ur 1st house is sixty KM away from 2nd house then as per Law you can't claim both.

Thanks.............

Hi Deepen,

My name is SWamy, working in a Company in Bangalore.

Now, I am calculating the TDS on Salaries of our Employees.  In few cases, some employees is claiming the HRA benefit as well as Interest on Housing loan also.

Based on the below comments given by you:

(1)     First of all you can avail both deduction at a time but both the houses  should be at different location i.e one house on which you are paying EMI's are at home town & second house of which you are paying rent are at different location & u occuping such house due to ur office place OR due to ur service . In that thase case you can avail both the deduction

can you provide me any Section, where I can get this information, so that I can take the printout and keep it for our records.

Thanks in Advance for your reply.

Swamy

swamy501 @ yahoo.co.in

Hi Deepen,

Thanks for your reply.

Swamy

Yes, Mr. Sorabh is quite right regarding the claim for HRA as well as Housing Loan Interest. I am completely agree with him.....

Sir,

I am Uma Sankar Chitta.  I have taken a housing loan from a Nationalised Bank in the year 2006.  The loan has been sanctioned Rs. 8.50 lakhs for Land cum construction basis.  After taking the loan,  I purchased  land for Rs. 6.50 lakhs inclusive of registration and I tried to construct the building. Due to some problems  I could not construct.     I am paying interest + principal since 2006 on the loan availed for Rs. 5.00 lakhs out of loan sactioned for Rs. 8.50 lakhs. 

My queries are:

1.  The land is registered in my spouse name.  We both together approached the banker and given the documents what they want.  We both together liable for paying the loan amount.

2. Shall we claim tax benefit U/s. 80 C.  If principle is not allowed, Shall we claim Interest paid Under Income tax rules. 

3. As she is not claiming the tax benefit,  Shall I claim the tax benefit U/s. 80 C for Principle & Interest.

4. If principle is not allowed, shall I claim interest - and where I have to show this interest paid in Income Tax Return.

Request  to please guide me for filing of my Income Tax Return.

Uma Sankar Chitta.