Dear Seniors, I am Kinjal, working as a Senior HR Executive in a Blood Bank. My query is: can we claim HRA as well as a housing loan if we are taking a house in the same city? Do we get exemptions in income tax on the housing loan, HRA, as well as the interest on the installments we pay?
What is advisable for us?
Is it better to take a house in the same city or in our hometown, which is 90 km from our city, to get the benefit of HRA as well as the housing loan?
Thank you.
From India, Ahmedabad
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What is advisable for us?
Is it better to take a house in the same city or in our hometown, which is 90 km from our city, to get the benefit of HRA as well as the housing loan?
Thank you.
From India, Ahmedabad
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HRA and Housing Loan Exemption
HRA and housing loan exemption can't be claimed if you are in the same city. If you are away from your hometown, you can claim both, but the income from the house shall be shown as taxable income (after deducting taxes and repairs, if any).
There is a possibility to claim HRA in case your house is let out to your parents (dependents). Check with an auditor.
Regards,
Pon
From India, Lucknow
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616HRA and housing loan exemption can't be claimed if you are in the same city. If you are away from your hometown, you can claim both, but the income from the house shall be shown as taxable income (after deducting taxes and repairs, if any).
There is a possibility to claim HRA in case your house is let out to your parents (dependents). Check with an auditor.
Regards,
Pon
From India, Lucknow
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Tax Exemption (SUPERB).doc
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