Tax exemption against rent paid

Tax planning 584 views 5 replies

I owned a flat at Kalyan, now i am planning to stay in Mumbai on Rent.  Just want to ask; if i can avail tax benift against rent paid though i owned a Flat.

Also i have no home loan and i am not claiming any benifit agains it.

Friends, Kindly advise.

Replies (5)

YES U CAN GET TAX BENFIT .

You can claim benefit for rent paid under HRA,  for interest paid on loan, please claim deduction under Section 24, for prinicipal repayment please claim under 80C ..

Yes u can claim HRA bcoz one self occupied proporty is allowed. U can claim this as per the provisions contained in section 10(13A)

ya u can claim exemptions under HRA provided

a) u r salaried person and in ur form 16, hra has been shown separately,

b) u r having receipts against rent paid.

then u'l be having least of the following as exemption

i) hra received

ii) rent paid less 10% of salary

iii) 50% of salary

where salary means,

basic+da+any comm.

yeah agree


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