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.
You can:
You can now file Income Tax Returns absolutely free through IndianMoney.com. You just need to click on the icon “FREE Income Tax Filing before 31st Aug”, and file your income taxes in just 5 minutes. If you are stuck while filing income tax returns, you would get a call offering help to complete the tax filing process.
Want to know more on Tax Planning? We at IndianMoney.com will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice/education to ensure that you are not misguided while buying any kind of financial products.
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
You May Also Watch
Iframe Content
Keep your Financial Cognizance up to date with IndianMoney App. Download NOW for simple tips & solutions for your financial wellbeing.
Have a complaint against any company? IndianMoney.com's complaint portal Iamcheated.com can help you resolve the issue. Just visit IamCheated.com and lodge your complaint. If you want to post a review on any company you can post it on Indianmoney.com review and complaint portal IamCheated.com.
Be Wise, Get Rich.
This is to inform that Suvision Holdings Pvt Ltd ("IndianMoney.com") do not charge any fees/security deposit/advances towards outsourcing any of its activities. All stake holders are cautioned against any such fraud.