I have taken homeloan for flat and paying EMI from Apr09 (FY09-10). In the same FY, I got possesion of my flat on 15th Mar10. I was staying in rented flat and paid rent for Apr09 to 15th Mar2010 duration.
In such case, am i eligible for both exemptions i.e. HRA (sec10) and home loan interest benefit? If yes, please tell me how to show this while filing the return
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HRA and Home loan interest benefit in the same year
Replies (1)
-As per the provision of section 24(b), if the property is self occupied than you can take the benifit of Interest under the house property loss maximum to Rs. 150000/-, and deduction u/s 80C of Principal amount paid during the year.
-As per section 23(2)(b) if your house property is neither let out nor you have occupied the property, it is vacant during the year, in that case you can only take the benefit when you have compulsion of business to take the rent.
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