HRA & Home Loan for Same Property

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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8 Replies

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 01 May 2021

Yes deduction for home loan can be claimed

SUSHANT BIDAYE (578 Points)
Replied 01 May 2021

If you are the co owner of the property, you can't get rent deduction for har purposes according to me.

CMA Poornima Madhava (CMA) (13097 Points)
Replied 01 May 2021

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

SUSHANT BIDAYE (578 Points)
Replied 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.

CMA Poornima Madhava (CMA) (13097 Points)
Replied 01 May 2021

Originally posted by : SUSHANT BIDAYE
	But if he is the co owner of the house, he can't claim deduction u/s 10 (13 A) for rent payment.

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.

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 02 May 2021

Yes, only Interest on home loan can be claimed u/s 24(b)

pitchammal sk (3 Points)
Replied 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!

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 10 May 2021

Principal amount of home loan can be claimed under section 80C apart from Interest on loan

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