Claiming HRA exemption on rented flat and loan benefits on own vacant flat

POSTED BY shaikh.billing@gmail.com ON May 4, 2014 4:24 pm COMMENTS (3)

Dear Sir,

I have my own flat near my place of work which is located at a distant place away from most of the colleges. I have rented a flat in the city to facilitate my children’s education. My own flat is lying vacant as we use it in weekends and holidays. I have a loan on my own flat and claim tax benefits on the same.

I pay substantial rent in the city, my question is in this scenario can I claim both i.e. HRA exemption on rented flat and loan benefits on owned flat. Please advice how to claim HRA exemption on rented flat as it outweighs the loan benefits on owned flat  .

Thanking you in anticipation.

SK

3 replies on this article “Claiming HRA exemption on rented flat and loan benefits on own vacant flat”

  1. ashalanshu says:

    Dear SK, you can claim your hRA while filing your ITR. No documents need to be attached. You only need to mention the HRA and adjusted salary income figures. Keep the proof with you to produce later on if the same is demanded from you.

    Thanks

    Ashal

  2. ashalanshu says:

    Dear SK, as you are actually paying rent for your personal accomodation, you can claim HRA benefit. Home loan can also be claimed as self occupied property for limit of 1.5L Rs. or declare notional rental income from the vacant house and claim full interest if amount is very high.

    Thanks

    Ashal

    1. shaikh.billing@gmail.com says:

      Dear Sir,
      Thanks for your answer, I have not claimed HRA exemption for year 2013-14 in the declaration given to my employer and paid full taxes, can I claim refund for the same at the time of filing return? If yes, what would be the supporting documents required to be submitted.
      Thanking you,
      SK

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Download Our FREE Ebook!

Available only for first 100 people today

Download Our FREE Ebook!

Available only for first 100 people today