Are you living on rent and also repaying a home loan? You must be keen to know how to claim both HRA and the home loan interest tax deduction. You can claim tax benefits on both HRA and Home Loan Interest, if you meet a few conditions.
You get HRA as part of your salary. You may be repaying home loan and want to enjoy home loan tax benefits. Take a look at a popular case where, you work in one city and live there on rent. Your family lives in another city and you buy a house where your family resides.
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Yes, you can claim both HRA and Home Loan Interest Tax Deduction. To claim HRA deduction, you must pay rent. HRA and Home Rent fall under different sections of the Income Tax Act. HRA Exemption can be claimed under Section 10(13A) of the Income Tax Act. Claim tax benefit on home loan principal repayment under Section 80C and home loan interest repayment under Section 24B.
See Also: How to Claim HRA in Tax Return?
See Also: HRA Tax Calculation
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