HRA & Home Loan for Same Property

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3 Points Posted on 01 May 2021

I know that I can show the rent paid to my parent and claim HRA which is owned by my parents where I am currently live in. 

My doubt is, if I am showing the same property for home loan where I am a co-applicant, will I be eligible to claim HRA and home loan. Please advise

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On 01 May 2021 at 11:09 Report
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Quick Summary
This discussion explores whether an individual can claim both House Rent Allowance (HRA) and home loan benefits for the same property. The consensus is that if you are a co-owner of the property, you cannot claim HRA. However, you can claim deductions for the interest paid on your home loan. It's advised to choose the tax benefit that is most advantageous for your situation.

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Chartered Accountant
24588 Points Posted on 01 May 2021
Yes deduction for home loan can be claimed
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On 01 May 2021 at 12:03
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721 Points Posted on 01 May 2021
If you are the co owner of the property, you can't get rent deduction for har purposes according to me.
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On 01 May 2021 at 14:11
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CMA
13117 Points Posted on 01 May 2021

Both the benefits cannot be availed together. Select the one that is more beneficial to you.

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On 01 May 2021 at 14:21
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721 Points Posted on 01 May 2021
But if he is the co owner of the house, he can't claim deduction u/s 10 (13 A) for rent payment.
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On 01 May 2021 at 14:43
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CMA
13117 Points Posted on 01 May 2021
Originally posted by : SUSHANT BIDAYE
open quote But if he is the co owner of the house, he can't claim deduction u/s 10 (13 A) for rent payment. close quote

Yes, you are right. Owner of the house cannot claim exemption u/s 10(13A). Only option is to claim deduction of interest on home loan.

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On 01 May 2021 at 15:11
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Chartered Accountant
24588 Points Posted on 02 May 2021
Yes, only Interest on home loan can be claimed u/s 24(b)
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On 02 May 2021 at 05:55
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3 Points Posted on 02 May 2021

Hi Sourav, So you mean to say that I can claim HRA and Interest but not the principal amount in 80C . Please clarify. Thanks!

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On 02 May 2021 at 10:47
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Chartered Accountant
24588 Points Posted on 10 May 2021
Principal amount of home loan can be claimed under section 80C apart from Interest on loan
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On 10 May 2021 at 09:38

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