Dear 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
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.
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