Queries on hra exemption

Tax queries 2147 views 3 replies

Varun

Engineer

25 Points Joined November 2011

Hi All

I have some queries on HRA exemption. It would really great if someone could help me out of this.

Query1 : Last to last year year , I purchased a flat in Gurgaon and took a loan. I claimed the tax benefit on the interest amount ..which was 1,50,000. However due to certain constraints , that year I could not stay in this house due to personal reasons and long distance from my office. I stayed in a rented accomodation , paying around Rs 10000 per month.

As I was claiming tax benefit on the interest on EMI , I had an impression that I could not get a tax benefit on the House Rent I am paying . However , now I have come to know that I should ideally have claimed a benefit on rent as well.

Is this true ? .. I know that it is too late a realization ..(how foolish of me !! ) ..but still can anything be done now ? Can I reclaim a part of my tax paid ?

Query 2: In the current accomodation of mine , I am paying maintenance charges of around 4000 per month. Can I get a tax benefit on this under any head in addition to getting the benefit on interest ?

Thanks

Varun

Replies (3)

CMA.Baskar.V

Cost Accountant

400 Points Joined March 2009

hi, You can claim HRA as well as Interest on Loan, if your own house rented out, you show income from house property you can not maintance charges undet HRA exemption. Thank you.

Varun

Engineer

25 Points Joined November 2011

Thank you.

But can I by some way claim the tax benefit which I did not claim in that respective year ?

Nirav

Accountant

595 Points Joined April 2010

hiii,

Query 1: You can claim Interest on Loan as well as HRA on filing Original return. But u had claimed interest on loan paid by u but u didnt claimed Rent paid by you in original return. You can rectify ur mistake i.e. u can claim for rent paid by you on filing revised return. But it was last to last year. So due date to file revised return of that year is over. So now u cant do anything for it.