HRA and home loan deduction claim

you are not eligible to take home loan deduction. but you can take exemption regarding HRA

Hello swapna 

Both these benifits, i.e. HRA deduction under the head salary and deduction for home loan repayment under the head house property are mutually exclusive in your case.

There are two possible scenarios

1. The person has taken a home loan in respect of the home (in his own name) and is paying the EMI in respect of the same at regular intervals which implies he must be the owner or co- owner of the property in question.

Now, the owner cannot let his own house to himself and pay rent for the same. 

Hence, in that case HRA would not be available.

2. The house is owned in the name of a third party, in that case the loan might not be sanctioned in his name and hence he is not principally liable for the said repayment and hence not eligible for deduction for the same. In that case however, he may enter into a rent agreement, pay a certain amount of rent and claim that as a deduction of HRA.

it all depends upon whether he is the owner of the said property (either in whole or in part) or not.

Originally posted by : Swapna Singh
	Ok.. and what if he is not the co owner of the house but a co applicant of the loan repayments, then? will he be able to take both?

See co applicant is not a owner of property. hence not eligible to take home loan benefit

If the assessee does not own the house property he is not eligible to get the benifit of deduction under the section so, he will only be able to able to get the deduction for HRA in that case.