Income tax exemption

1. Deduction u/s. 80 D is for individual-Rs.15000 and for Sr. citizen parents-Rs.20000 but if parents are not sr. citizens then Rs.15000/- hence one can claim the deduction of Rs. 35000 if their parents are sr. citizens and otherwise Rs. 30000

2. I think no deduction on account of HRA and HL can be claimed if it is recd. from other place other than employment. HRA can be claimed if one pays the house rent. It is the least of the following

40%/50% of salary

3. there is no limit for Let out property means if there are two housing loans then one can claim the intererest paid on 2 housing loans subject to proof. But it is for 2 separate housing loans then one has to calculate the tax which is lower by selecting one house property as sop and other as lop.

HRA recd.

rent paid in excess of  10% of salary

Originally posted by : Dushyant Maharishi
	1. Deduction u/s. 80 D is for individual-Rs.15000 and for Sr. citizen parents-Rs.20000 but if parents are not sr. citizens then Rs.15000/- hence one can claim the deduction of Rs. 35000 if their parents are sr. citizens and otherwise Rs. 30000 2. I think no deduction on account of HRA and HL can be claimed if it is recd. from other place other than employment. HRA can be claimed if one pays the house rent. It is the least of the following 40%/50% of salary 3. there is no limit for Let out property means if there are two housing loans then one can claim the intererest paid on 2 housing loans subject to proof. But it is for 2 separate housing loans then one has to calculate the tax which is lower by selecting one house property as sop and other as lop. HRA recd. rent paid in excess of  10% of salary

I would like to change point 2. here

If you are working at the place where u dont have house property and getting HRA than if you are paying rent on the place of job, you can claim HRA exemption u/s 10(13A) and Interest on housing property both but u should pay interest on housing loan. 

Correct me if i am wrong.

Mr.Shudhanshu

i think Interest on Housing Loan can be claimed even it is not paid....(Accrual Basis)

for first point  I agree with all u/s 80D if parents are Sr. Citizen then 40,000/- otherwise 30,000/-

but in case 2 person can claim HRA and House loan interest both.

case 3 if propety is let out then no limit for exemption of interest. He can claim both on accrual basis