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Housing loan and HRA benefit

Ranganath (Engineer) (38 Points)

30 January 2009

Hi,

I have a question on housing loan and HRA-

I want to know if I can avail of HRA and housing loan rebate on the property bearing the same address. I have taken loan and contructed first floor on the house my parents built. It is almost comeplete but some sundry work like second coat of paint and some electrical work is pending. I have been paying the EMI on the loan for this first floor. I don't live in the first floor nor is it rented, so can I avail of HRA for the ground floor and also housing loan benefit for the first floor?

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7 Replies

BALASUBRAMANYA B N (CCI STUDENT....) (44668 Points)
Replied 30 January 2009

hello sir

ground floor asking HRA its rented or you staying in that floor,Loan you can claim exemption of principle under 80 c section and interest you can claim upto 1.5 lak if not rented if rented how much you pay you will get full exemption, from april 1-4-2009 you can claim this things sir ....but for hra if not givin for rent then you cant get hra exemption sir.........

Ranganath (Engineer) (38 Points)
Replied 02 February 2009

Hi,

I have not rented the first floor nor am I living there. I am staying in ground floor with my parents. I want to claim HRA for ground floor as I pay rent to my father. The property still has only one address for both HRA and housing loan claim, is it OK?

Ranganath (Engineer) (38 Points)
Replied 02 February 2009

Hi,

Please, anybody here to clarify the above question?

Ranganath (Engineer) (38 Points)
Replied 03 February 2009

hmm.. looks like none of you know the answer to my question. I thought it was simple enough.

Abhinav Agarwal (M.Com C.A SAP Consultant) (814 Points)
Replied 03 February 2009

HI Ranganath,

There are so many loopholes in the IT ACT and also act has not expressesly clarifies many points. You can easily show that you are paying rent to your parents as you don't own any house. You can also claim Principal repayment on Housing loan as 80C. Interest on H/L can be claimed when you prove that house is fit for use i.e completed. After it is complete, you can't claim HRA as you own a house now.

Regards,

Kamal mall (CA) (95 Points)
Replied 03 March 2009

Originally posted by :Ranganath
"	Hi, I have a question on housing loan and HRA- I want to know if I can avail of HRA and housing loan rebate on the property bearing the same address. I have taken loan and contructed first floor on the house my parents built. It is almost comeplete but some sundry work like second coat of paint and some electrical work is pending. I have been paying the EMI on the loan for this first floor. I don't live in the first floor nor is it rented, so can I avail of HRA for the ground floor and also housing loan benefit for the first floor?	"