How to claim HRA when you own a house in same city
I am staying in a 2 BHK flat and paying rent of 15K per month and also own 1 BHK flat in pune but that is rented out and I am paying housling loan instalment for this flat. My question is: can I claim HRA and Interest on Housing Loan alongwith rebate of Housing loan repayment, would really appreciate a advice on this. more
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You can claim HRA exemption if you are living on rent, whereas you claim deduction for repayment of home loan. You can claim tax benefit for both, but only if you fulfil the conditions. Let’s say you have bought a house by taking a home loan and you also live in it. In this case, you will not be able to claim HRA, but will be able to claim tax benefits on both the principal and interest. If you have bought a house with the help of a home loan and live in another house on rent, you can claim tax benefit for both. But if the house you bought and the house you live in are in the same city, you should have a genuine reason for not living in the house that you own. The reasons could be that the house you own is too far from your workplace, or the commute is very difficult. You may need to provide these explanations to your employer, or the income tax authority in case there is a scrutiny of the details that you have provided. more
Jul 26
Income Tax Dept as well as our professionals can challenge anything on earth even both of them can challenge, Narendra Modi is not our PM, in fact it is Naredra Damodar Modi. So in India, be ready for all such democratic nuisances. more
Jun 26
