Abhijit (Accounts Professional) (72 Points)
25 May 2018Dear Friends
I am paying rent for April 18 and May 18. In June 18, I will buy own flat on which I will get housing loan. Can I claim HRA Exemption and Housing Loan repayment exemption unde section 24 and 10? If so, what will be HRA Exemption and Housing Loan Exemption?
Thanks
CA K.Srividhya
(Chartered Accountant)
(279 Points)
Replied 25 May 2018
You can claim HRA u/s 10(13A) only for 2 months (April and May) .
For HRA least of the follwing is exempt:
1. Actual HRA received ( April & May)
2. Rent paid (April & May) - 10% of salary
3. 40% or 50% (50% for metro cities) of salary.
On hosing loan interest you can claim upto Rs.200,000 u/s 24.
On repayment of housing loan principal you can claim 80EE deduction upto Rs.50000.
Regards.
CAclubindia
