Can I have two home loans at the same time?
Carrying two mortgages at once Buyers who have enough income can carry two mortgage payments at once if they still meet the debt-to-income ratios required by their lenders. You, then, might be able to qualify for two mortgages at once, if your credit score and job status are also strong.
Can 2 people claim HRA on same house?
Yes, there is no restriction on claiming HRA benefit by both the spouses. If you and your wife both are paying the rent then both can claim HRA benefit separately for the respective share. Total rent claimed by both of you cannot exceed Rs 20,000.
How to claim home loan tax deductions and HRA tax deduction?
Both properties can be in the same or different cities. Also, the home loan deduction can only be claimed from the financial year in which the construction is completed. However, to claim these home loan tax deductions and HRA tax deductions, you need to submit adequate proofs. In the absence of this, your deduction claims may be rejected.
Can You claim HRA and home loan benefits at the same time?
Since there exists substantial tax benefit on both the HRA and home loan, can you claim both the benefits at the same time? The answer is yes. “One can claim HRA exemption and interest deduction on a housing loan simultaneously if one satisfies all of the conditions for claiming so,” says Kapil Rana, Founder & Chairman, HostBooks Ltd.
Can I claim HRA exemption if I own a rented 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.
What are the conditions for claiming tax benefits on home loans?
Conditions for claiming tax benefits on home loans. The main condition, for the allowance of the deduction on the principal and interest components of a home loan, under Section 80 C and Section 24(b), is that the person should be the owner of the house property.