House loan interest and hra,whether both benefits available?

Yes It is Possible.

Please elaborate adequately for the conceptual understanding.

Yes.

If a salaried individual enjoying House Rent Allowances (HRA) from your employer and also own a residential house, then you can have an option to avail the deduction of both (a) HRA and (b) Housing Loan repayment & interest deduction.

The  Income Tax Act, 1961 (“the Act”) treats HRA and home loan deductions under separate sections independently. The two are not interconnected to each other.

HRA is dealt with in section 10(13A) of the act while home loans are entitled for tax benefits u/s 80C for principle repayment and u/s 24 for  interest payment.

When you can claim both the deductions?

Both the deduction can be claimed if you satisfy any of the following conditions:

• You should own a house in a city other than your work place.

You own a house in the same city but reside in a rented accommodation for a genuine reason.

Thank you so much sir... You have provided the detailed solution for my query.