Hey Guys,
In the last year I purchased a property by taking a home loan. I haven't moved into the new house as it is under renovation and continue to stay in my rented apartment.
Now, I wanted to know if there is a provision where I can claim deduction on interest paid for the home loan and on House Rent Allowance?
Best Regards,
Avinash
The tax benefits for home loan and HRA are two separate entities and have no direct bearing on each other. As long as you are paying rent for an accommodation, you can claim tax benefits on the HRA component of your salary, while also availing tax benefits on your home loan. This could be the case if your own home is rented out or you work from another city etc. However, you need to account for any rental income you receive from the property you own under income from other sources.
Read more: https://www.indiantaxupdates.com/2012/10/16/hra-calculation-and-exemption-limit/
Subrahmanyam & Sivudu CA Firm
Hyderabad
CA Inter
View Details
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
View Details
Chirag P Shah & Co. Chartered Accountant
Pune
B.Com
View Details
RBSM Corporate Advisors Private Limited
Pune
CA
View Details
Hema Yashwanth & Associates
Chennai
B.Com
View Details
CCI
Pro
CAclubindia
