+2 Others

My friend has availed Home Loan on an under construction property in Bangalore. Flat still under construction & he is staying in rented flat in Bangalore. Is he eligible for IT exemptions like - HRA,Housing Loan Principal & Interest deduction?
Property is niether self-occupied / rented out, still under construction.

From Sweden, Örebro
As per Incometax act, exemption alloed for dwelling house, but normally once starts paying EMI peopeles are taking advantage and getting exemption u/s 80C and 80 D. Pls remember, either you have to choose HRA exemption or Houseing loan exemption not both.
best regards

From India, Bangalore
If one is away from his own house, he can avail both HRA & Housing loan tax benefits. However, the income received from rent of the own house shall be shown as income. In case of the house being occupied by the dependents, say parents, still one can avail both.

From India, Lucknow
For income tax related queries, readers can refer ramadvice dot wordpress dot com . This is a free site and various financial heads are discussed.
From India, Madras
Kindly refer ramadvice dot wordpress dot com for house property- income tax purposes. It is a free site and contains many wornderful topics in finance.
From India, Madras
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