Table of Contents
Can I claim both HRA and home loan in same city?
No, you cannot claim HRA exemption if you are living in a different house in the same city and have a Self Occupied House in the same city.
Can a person have two home loans at the same time?
There is no restriction on the number of home loans that a homebuyer can take like there is no restriction on the number of homes that one can buy. According to popular notion, one cannot take more than one home loan at a time but it is not so.
Can you claim interest on a second home?
Is the mortgage interest and real property tax I pay on a second residence deductible? Mortgage interest paid on a second residence used personally is deductible as long as the mortgage satisfies the same requirements for deductible interest as on a primary residence.
Can a salaried person claim HRA and home loan on ITR?
A salaried person filing Income Tax Return (ITR) often finds it confusing whether they can claim income tax benefit on both House Rent Allowance (HRA) and home loan. Especially, when it repays home loan but stays in a rented accommodation.
Can I claim HRA If I buy a house with home loan?
Even for the house bought with home loan and situated in the same city where you are working, occupied by your parents, you can still claim HRA benefits provided you stay in another house and actually pay rent for that house while claiming the benefits for home loans.
Can House Rent Allowance (HRA) benefits be claimed in the sqme year?
There is a huge confusion in the minds of taxpayers about whether the tax benefits in respect of House Rent Allowance (HRA) and the benefits attached with a home loan be claimed in the sqme year. This article intends to clear the doubts in this regard. HRA benefit is available to a salaried only if certain conditions are satisfied.
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.