HRA (House Rrent Allowance) & Interest on Housing Loan FAQ

Hi Vaibhav,

Should it be shown as self-occupied or Vacant? I want to make sure I claim full interest benefits. Pls guide.

Dear Vaibhavi, All

Thank you  very much for the useful post.

I am in a tricky situation. I have taken a home loan to buy an apartment in which I am the co-owner with my mother. She is not the co-borrower. She doesnot live with me in the same apartment so can I pay rent to her and claim HRA exemption.

I have rented out one room in the same apartment so can I claim 100% interest exemption on home loan vide sec 14 again income from property 

Please advise 

Hello Vaibhav,

Please give your opinions  /experts/owner-of-house-can-get-hra-exemption-2258374.asp

Hi,

That is a good post, I would like to know what shall I do? in my situation (follows).

1. I own a house and live in the same Area in Chennai in rented house(couple of streets away), since my house is not sufficiently spaced me (parents, 2 kids).

2. My Employer says it is not allowed to claim both HRA and housing loan if in same city.

Q1 : Can I claim HRA while filing IT Return this year? 

Q2 : Own house receiving rent for 6 months now. In previous 1.5 years, my house was vacant(no one wanted to rent it for about 1 years, was self occupied for dumping items not in use), and I was paying rent on a rented house. but not claimed HRA exemption. Part of the House was rented to a person, did not rent and was moved out after deducting due rent (5 month rented), I usually pay rent by cheque or by NEFT. (Rent received only cash, only lease agreement available as proof for renting out). Can I revise my returns for previous years that would initiate some IT refunds?

Refund May be around Rs.5k or 6k for previous 2 years total as my taxable income for previous was less.

please go through the link for further clarifications:-

https://clearlogics.in/news_details.php?id=Nw%3D%3D