WebApr 4, 2024 · As you are staying at the house, you have availed on a home loan, and you work in the same city, you cannot claim HRA tax benefit. However, you can claim the income tax deduction on the home loan for principal and interest payments as you have … Can I Claim HRA and Deduction on Home Loan Interest? Yes, you may claim the … WebFeb 20, 2024 · Simultaneous claim of HRA as well as home loan. The legal provisions in respect of HRA are contained in Section 10 (13A) of the Income Tax Act and rule 2A of Income Tax Rules. These provisions nowhere provide that tax benefit of HRA cannot be claimed if you own a house. Even for the house situated in the same city where you are …
Can I claim income tax benefit on both HRA and …
WebOct 22, 2024 · Additional Read: What are the Home Loan Tax Benefits under Section 80EE & 80EEA? In short, yes you can claim tax benefits on both HRA and repayment of housing loan but in such cases, the Income Tax Department will closely monitor the situation if the amount is high and may even discontinue claim allowance if adequate explanations are … phlebotomy pay near me
Know when you can claim both home loan and HRA …
WebMar 10, 2024 · Yes, the amount of your home loan or mortgage you repay during a given financial year can be claimed as a deduction from your total taxable income. The principal component of your home loan EMIs is deductible up to ₹1.5 Lakhs per year u/s 80C of the Income Tax Act, 1961, while the interest component is deductible up to ₹2 Lakhs per … WebJul 13, 2024 · An increasing number of people now own houses in one city but live on rent in a different city. Can such a person claim income tax benefit for both HRA and home loan repayment? The answer is yes. If you are living on rent in your city of job and own house in another city then income tax benefit can be claimed on HRA as well as Home loan interest. WebThe question is can one claim both house rent allowance and Home Loan tax benefits simultaneously? The answer is yes. In the case of Home Loans, a borrower can claim tax deductions up to a maximum of Rs.1.5 Lakh on payments made towards principal repayment under Section 80C of the Income Tax Act and up to a maximum of Rs.2 Lakh … phlebotomy pay rate in florida