Housing Loan & HRA Tax benefits can be claimed simultaneously

Assessee claim deduction of Interest on Housing Loan to acquire house property u/s 24(b) and simultaneously claim HRA exemption on rent paid (if he resides in property other than acquired). Further upon sale of said property, interest already claimed as deduction u/s 24(b) can be added to cost of property for the purpose of computing capital gain.

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There are lot of confusion when we talk about claiming hra benefit and also get tax benefit on home loan interest. The biggest confusion is whether one can claim both house rent allowance and home loan interest benefit together and save maximum income tax? In this article I will consider a scenario as per my understanding, while watching a TV show related to income tax and found it interesting.

The tribunal relied on various factors, including a report by the income tax inspector. The inspector had visited both the buildings – the building with respect to which the assessee was claiming the tax benefits on home loan and also the one where she claimed that she was staying with her mother and claimed hra tax benefits.

For claiming HRA you must live on rent. But does the Income Tax Act allow you to claim HRA and also get a deduction for Interest on Home Loan? This has put many a tax payers in a quandary.

The government can revive the real estate sector with more focused reforms. Currently, an individual can claim tax deductions.

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Hi Amit, Yes, you can claim HRA exemption as well as full tax benefit on the home loan (i.e. interest of Rs. 3,60,000). According to Section 23(2) of the Income Tax Act, a property that cannot be occupied because the owner is employed at a distant location does not have to pay tax under Income from house property.

On the other hand, if you are servicing a home loan you can claim tax benefits on principal and interest payments. Principal repayment, under Section 80C of the Income Tax Act, is exempted up to Rs 1.5 lakh. And on interest repayment, exemption can be claimed up to Rs 2 lakh, under Section 24.

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