Sage-Tips

Can I claim house loan and HRA both?

Homeowners, who are paying back their home loan and getting HRA as part of their salary, can avail both the house property-related tax benefits to lower their taxable income. Deduction on home loan interest as per Section 24. Principal Repayment under Section 80C.

Can I claim HRA even if I own a house?

One can claim HRA exemption as well as the deduction for interest on a home loan if one owns a house but lives in a rented house. Both these tax deductions are allowed only if the house one owns and the house one lives in are at different locations and there is a genuine reason for not living in one’s own house.

Can we claim HRA and home loan in same city Quora?

If your own residential house is in the city other then the place of servicc and due to employment you could not occupied your own house and living in the rented house and paying rent then you could claim deduction HRA as you are living in rented house and interest on housing loan is paid for EMI.

How much HRA can I claim without receipts?

You can claim HRA while tax filing even if you have not submitted rent receipts to your HR. clearTax will help you claim this while e-filing. If you don’t receive HRA, you can now claim upto Rs. 60,000 deduction under Section 80GG.

Can we claim interest on housing loan before possession?

The pre-construction interest deduction is allowed for interest payments made from the date of borrowing till March 31st before the financial year in which the construction is completed. Total interest on home loan: Rs 90,000 for FY 2018-19 and Rs 1,20,000 for FY 2019-20, totaling to Rs 2,10,000.

Can I claim HRA and interest on housing loan in same city 2020 Quora?

Can I claim income tax exemption on both HRA and home loan?

Yes, you can claim income tax exemption on both house rent allowance (HRA) and repayment of home loan.

Can I claim tax benefits if I buy a house on rent?

Many people buy houses on home loan but live on rent. A person in such a situation can claim tax benefits on: Availing tax benefits in the same financial year can help you save on your taxes considerably. However, this is possible only if the rent agreement is in your name and you service a home loan for another property.

Can my wife claim HRA and interest on borrowed capital?

The answer is yes, she can. House Rent Allowance (HRA) is explained u/s 10 (13A) of the Income Tax Act while Interest on borrowed capital for acquisition or construction of house property is explained u/s 24 (b) of the Income Tax Act.

Can I claim HRA If I buy a house in another city?

If you have bought a house in one city and your family is living in the house it will be taken into account as self occupied house property. However, if you are employed in another city and living in a rented house, you can still claim for HRA exemption.