Income Tax Computatio

I would like to know if I am paying rent and also I have taken home loan. Will I e eligible for both deductions under HRA and section 24 or 80C.  Please help o computation.

Thanks,

Replies (7)
Quick Summary
This discussion explores income tax computation, specifically regarding deductions for individuals paying rent and servicing a home loan. It clarifies that one cannot claim both HRA and home loan benefits simultaneously if living in their own house. The conversation also touches upon the inclusion of stamp duty within the Section 80C limit and the requirements for claiming the full Section 24 deduction on home loans.

No both are not available

Thanks for replying.

I have a few more doubts. Please refer to queries below: 

1. In order to avail deduction of 1.5L under section 80C,is the stamp duty included in max. deduction 

2. To avail full deduction of 2L under section 24, what are the requirements

3. Can you help me with planning my home loan, so that I could avail max. of tax deduction and min interest payment

Thanks

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If you are staying in different city from your own house then you may claim HRA and housing loan both
Home loan Sec 24, SEC 80c and a bunch of offers from all banks.
Do you own the house ?
Is it occupied or under construction ?
Now this question is pertinent.
1. Stamp duty will be included in 1.5lacs
2. 2lacs deduction can be claimed if it is paid during FY for the property purchased or constructed

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