Can i Claim both HRA and Home Loan on my own House?




As per Income tax laws, there are no restrictions for getting benefits of both HRA and Home loan. If a person is an employee, he can opt for House Rent Allowance from his employer and can’t get a benefit if he is a self-employed person.  To profit from this advantage, the worker ought to have brought about the use of the lease, as for a private house property involved by him/her. The advantage of HRA isn't accessible on lease paid for a private house that is possessed by some other individual, independent of whether he is reliant on the assessee or not. It is additionally not accessible, in situations where the convenience is either halfway or completely possessed by the assessee himself.
Along these lines, if a representative lets out the property to his boss and the business thus, dispenses the same to the worker and recuperates some lease on this record, the HRA advantage can't be guaranteed. In like manner, if the worker is a joint proprietor of a property and pays some lease to the next joint proprietor/s of the property, the HRA benefits on such installment can't be guaranteed.

As per the Rule 2A of the income tax, Benefits of HRA shall be restricted to the least of the following three amounts:
a)     HRA actually received
b)    When an excess amount of rent is paid over the basic salary
c)     If the rent equals to 50% of his salary when he is living in four metro cities and 40% in other places

The law does not specify that HRA benefit cannot be claimed if the taxpayer owns a house and already claiming the tax benefits

Conditions for claiming tax benefits:
The fundamental condition, for the stipend of the derivation on the foremost and intrigue segments of a home credit, under Section 80 C and Section 24(b), is that the individual ought to be the proprietor of the house property. Tax reductions under Section 80 C, are accessible for home credits taken from determined people, for a private house. Premium advantages are accessible on private and business properties and on cash obtained from banks or from any other person. Besides, the enthusiasm on cash acquired for a let-out property is completely deductible. For a self-possessed house property, the advantage on intrigue is limited to Rs two lakhs for every year.
 Asserting HRA and in addition home advance advantages
The laws enable a citizen to have in excess of one house property. Be that as it may, he needs to pick just a single such property as self-involved and offer the notional lease, on alternate properties for a charge. By the same lawful arrangement, it can be deduced that notwithstanding the leased house possessed by the citizen, he can have one more house property as self-involved. In the event that the house property possessed by the citizen is in a city other than his work environment, there would not be an issue. Nonetheless, if the property is in the city where the leased property is arranged, it might be coherently hard to build up that the citizen is involving both the houses.
Source of Information: Housing.com
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