Hi All,
I have a query regarding Income Tax exemption for Home Loan and HRA.
I have bought an apartment in Feb 2013 and had been living in that apartment from Mar 2013. I purchased that apartment by availing a Home loan. Last year I claimed the interest (upto a maximum of Rs. 1,50,000/-) I paid towards the Home loan under section 24B. Currently me, my wife, my brother and my parents are living together in the same apartment. But this year, I am planning to rent another house nearby my office for me and my wife. My parents are going to stay in our apartment, since my brother goes to a college nearby and I do not want him to stay in a hostel.
My questions are :
Since I am going to pay rent for the new house I am planning to avail near my office,
(1) Can I claim for HRA for the rent I am going to pay for the new rented house?
(2) Also along with the HRA can I claim for the interest on the housing loan I am paying for the apartment my parents (my dependents) are staying? [I am not renting it - no income is received from this property]
Any help is appreciated. Thanks in advance.
Regards,
MKU
CAclubindia
