WebJan 21, 2024 · You can claim deduction of interest on both home loans but maximum deduction for a self-occupied house is `2 lakh. If the property is rented out then you can claim deduction of the whole interest ... WebApr 8, 2024 · You may claim both HRA exemption and interest deduction on a home loan provided certain requirements as per the Income Tax Act, 1961 (‘the Act’) are met. This …
Can we Claim HRA and Home Loan - bajajfinservmarkets.in
WebMar 21, 2024 · Whether you have one home loan or more, the deduction allowable under Section 80 C for repayment of home loan is restricted to Rs. 1.50 lakh together with various other eligible items. (REUTERS ... WebFeb 10, 2024 · In this case, Sunil can claim tax benefits for HRA and home loan in his ITR. But the Income Tax Officer (ITO) will only allow both exemptions to pass if both his houses (rented and owned) are –. If both houses are located in the same city, then Sunil may need to show additional proof of why he is claiming tax exemption for HRA and home loan ... scan computers black friday
Know when you can claim both home loan and HRA deduction
WebMar 22, 2024 · Yes, it is possible to claim both Home Loan tax benefits and HRA tax benefits. A person who pays a Home Loan and receives House Rent Allowance (HRA) as part of their salary can claim tax benefits on both. Individuals can claim a tax deduction on Home Loan interest paid up to Rs. 2 Lakh under Section 24 of the Indian Income Tax … WebOct 14, 2024 · The short answer would be – yes, you can claim HRA allowance if you pay rent to a family member. However, you cannot be too casual about it just because the recipient is your family member. As far as the Income Tax department is concerned, all the necessary formalities must be intact for you to be eligible for the HRA calculation and … WebJan 31, 2024 · Updated: 31 Jan 2024, 08:48 AM IST Balwant Jain The income tax laws allow a person to have maximum of two houses as self-occupied There is no restriction … scan computer now