Matter of house property

462 views 1 replies

good evening to all expert,
                          my friend taken a home loan from bank.his monthly emi is 30000(25000+ 5000).but sir he does not lived in that house.my query is started now if he  give his house for rent than he will show his rental income. but he did not gives his house for rent. and also he did not lived in that house. than what happen in this case.can he claim both hra and deduction u/s 24 and 80c. please reply

Replies (1)

Related provisions under the Income Tax Act, 1961. All relevant sections are mentioned below:

 

Section 10(13A) requires 2 conditions for claiming HRA exemptions:

 

1.      The residential accommodation occupied by the assessee should not be owned by himself; and

2.      The assessee has actually incurred expenditure on payment of rent in respect of the Residential accommodation occupied by him.

 

Annual Value of Self Occupied Property as per Section 23(2):

 

  1. property is in the occupation of the owner for the purpose of his own residence; or
  2. cannot actually be occupied by the owner by reason of the fact that owing to his employment, business or profession carried on at any other place, he has to reside at that other place in a building not belonging to him, the annual value of such house or part of the house shall be taken to be NIL.

 

Deduction for interest as per Section 24(b):

 

  1. where the property has been acquired, constructed, repaired, renewed or reconstructed with borrowed capital, the amount of any interest payable on such capital

 

 

 So we can conclude that if a person has a house property and he is also paying the rent for any house property in the same city but at different place then he will be able to get HRA exemption u/s 10(13A) and Interest deduction u/s 24(b)

 

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
12 June 2026
Accounts & Taxation Executive

Winshine Financial Services

Mumbai

CA Inter

View Details
Company
19 June 2026
Accounts Executive

Getfive Advisors Pvt. Ltd.

Ahmedabad

CA Inter

View Details
Company
ARTICLESHIP 30 June 2026
Taxation Content Writer Intern

Interactive Media Pvt Ltd.

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 08 June 2026
Internal & Taxation Article

O P Bagla & Co LLP

New Delhi

CA Inter

View Details
Company
22 June 2026
Finance Manager- Chartered Accountant

Triveni Turbine Limited

Bengaluru

CA

View Details
Company
ARTICLESHIP 30 June 2026
Article Assistant or Paid Assistant

VIKAS VERMA & CO

New Delhi

Others

View Details
Company
29 June 2026
Accountant (Finance & Compliance)

TRIEYEZ

Kolkata

CA

View Details
Company
24 June 2026
Chartered Accountant - GST & Direct Tax

APL

Mumbai

CA

View Details