HRA

Tax planning 1292 views 5 replies

Krishna Prasad

Service

42 Points Joined December 2007

Hi friends

A person taken a home loan for a flat at gurgaon . he is not residing in that flat but residing in rented accomodation in gurgaon itself. can he claim Repayment of Home loan ( INtt. + Principal) along with Rent paid ? what is better to claim reply here or can mail me to krishna_baranwal @ yahoo.com

Replies (5)

Guest

457555 Points Joined August 2012

Hi..he can claim both interest and pricipal of housing loan and HRA exemption u/s 10(13A). In his case he can claim actual interest on housing loan (Rs.1.50 Lkahs restriction is not applicable in this case). But he should not claim deduction u/s 80GG.

Ashish Ranpara

TAX CONSULTANT

369 Points Joined January 2008

O.D.SHARMA

DGM-F & A

1734 Points Joined November 2007

He have to see rental income minus House taxes into consideration.

CA Abhishek Jain

Practice

241 Points Joined February 2008

He can claim Deduction U/s 80C for principal and claim negative income under the head "Income from house property" for interest part. In your case since he is residing in gurgaon in rented accomodation even he has his own house so he can't claim HRA for rent paid.

joginder

student

173 Points Joined November 2007

u can claim Deduction under section 80c for principal and claim interest income under the head "Income from house property" . since you are residing in gurgaon in rented accomodation even you have your own house so you can't claim HRA for rent paid.