House loan

In the given case, you can avail HRA as well as Housing Loan Interest as you are staying in another State on Rental basis and Residential Property is in another state.

Regards,

Devendra Kulkarni

Originally posted by : Devendra
	In the given case, you can avail HRA as well as Housing Loan Interest as you are staying in another State on Rental basis and Residential Property is in another state.   Regards, Devendra Kulkarni

Agreed with Devendra Kulkarni
 

Originally posted by : Prasad
	Hi Need suggestion with regard to claiming for TAX exemption on intrest on home loan and HRA.   I have a home loan for property which is in different state and I am staying in different state. I want to know, if I can claim exemption on the intrest paid on the home loan and the HRA. As I am staying in rented house in different state The property is not rented for which I am having the home load as my parent are staying in that house, please suggest.   Thanks & Regards Prasad

As you have a home loan of property you cn claim deduction under section 80c.

As per the provisions of Income Tax Act 1961, a deduction of upto 150,000 can b claimed as tax exemption on housing loan.

This deduction is claimed towards the total interest that you pay on the home loan towards purchase or construction of house property.

It would be deductible in five equal annual instalments commencing from the year in which the house has been acquired or constructed only for one such self – occupied property.

You can also avail deduction on the principal loan repayment u/s 80 C (Max Limit Rs. 1 lakh).

And you can also claim HRA

Regards

Karan

yes yes u can avail benefits under both the sections...and if u intend to sell the house in future u can even include the interest cost in the cost of aquisition while calculating cap[ital gains.