Query about taxation of salaried employee

Dear Tushar The answer to your first query is Yes. U can claim both the deductions together. It is not mentioned anywhere in the law that if the person is claiming the HRA exemption then he cannot claim the benefit of home loan interest. The deduction of HRA is available u/s 10 whereas deduction of Home Loan interest is available in Section 24(b). Both Sections are separate so no issues. However both the deduction available in rare cases because if the person has its own home then why the deduction is available for Rental premises. But if his own home is in one city and he is doing job in other city then this is possible. In yr case it is also possible. So, the answer of yr query is that u can claim deductions in both the sections.

The answer to yr second query is Yes. U have to pay interest Under Section 234B & 234C if the short deduction of tax exceeds Rs. 10,000/- . Since u have not filed yr income tax return with in due date i.e. 31st July 2013 u have to pay interset u/s 234A as well.