sir
I live in rented house in Lucknow and avail HRA rebate every year. now I
purchased under construction flat in Lucknow by home loan
possession by Jan 2021.
can I take HRA rebate and house loan interest rebate both ? as both is bear by me till possession.
pls guide.
my occupation is service.
Till construction of your house is complete, you can only claim HRA.
After construction is completed, HRA as well as interest can be claimed. Conditions to claim interest is as below:
1. Total interest paid during under-construction period is to be added up. This is to be claimed in a period of 5 years. So if under-construction interest is Rs. 1,00,000. You can claim Rs. 20,000 every year for 5 years after completion of construction.
2. Post construction period interest can be claimed in the respective year.
3. Total interest claimed in any particular year can't exceed Rs. 2 lacs.
CAclubindia
