AI Generated Summary "Claiming HRA and Housing Loan Together: Risks, Concepts, and Taxpayer Considerations" Learn how to claim house rent allowance (HRA) and housing loan interest together - The video discusses the risks involved in claiming both HRA and housing loan interest - Explains the concept of claiming HRA and housing loan interest together - Gives insight into who can claim the calculation of HRA and housing loan interest together - Shares two-three case studies - Concludes the video with final thoughts The risk of claiming both HRA and housing loan interest is that the Income Tax Department can easily track it and if the claim is not approved, the tax liability needs to be paid. - Claiming HRA allowance requires selecting under section 10(13A) in MPN against the specific HRA allowance. - Claiming deduction of housing loan interest requires filling it under section 24B in the house property schedule. If you pay the full amount, the Income Tax Department can track your HRA and housing loan interest. - The concept of HRA is that the employer gives a component of salary to its employees as per House Rent Allowance. The employee can claim rent expenses incurred for living. - The conditions for claiming HRA are that the employee must live in a rented house and the person paying the rent must occupy it. If these conditions are met, the employee can fill the amount of HRA in their income tax return. Deduction of interest on housing loan can be claimed if certain conditions are met. - The house property should be in the name of the taxpayer claiming the deduction. - The interest should be paid within a year and the loan should be taken by the person claiming the deduction. Yes, you can claim HRA and housing loan together subject to some conditions. - The first scenario is if you are living in one city for work and your house is in another city. You can claim HRA for the city where you work and deduct the interest on housing loan for the city where your house is located. - There are no conditions or problems in this scenario. You can claim HRA and housing loan together if you rent a house near your workplace. - The Income Tax Department allows you to claim both HRA and housing loan if you have rented a house near your workplace. - Your case should meet the conditions and practical difficulties set by the department. If you have a rented property with a home loan and you are living elsewhere, you can claim both HRA and housing loan deductions. - Make sure you pay tax on the rent you receive and follow the rules to avoid any income tax notice. - Plan your finances accordingly to maximize your deductions and benefits. Even if you are not getting HRA, you can still deduct the rent you are paying. - Use section 80GG for deduction of rent paid. - HRA is not a requirement for claiming the deduction.
Hey mayur can you please share the section of IT act where it is written that HRA and Interest on loan cannot be claimed if the distance between both the houses is not far???
I live in noida, my office is in gurgaon, I recently bought house in noida. Can I still claim HRA and loan interest exemption both? My newly bought home is lying vacant due to some refurbishing so I will continue to live on rent in noida but in some other house and not mine.
I have two house properties. In One house property I live in ground floor and in the 1st floor I have given on rent. I can claim hbl interest 0n loan deduction U/S 24(b) Again in another house property i.e., a 3 bhk flat, I have given on rent. I have taken loan on this property also. Can I claim HBL interest component u/s 24 (b) in oth the properties. Please guide me accordingly.
I live in Mumbai on rent with my parents and spouse, my office is in Pune and I am traveling 2 days to Pune for work being in Hybrid Model. I have recently bought a house in Pune on loan. Can I still claim HRA and loan interest exception both.
Hi, I am a co-owner of self-occupied flat. Other co-owner are Mother and spouse. I am claiming interest deduction on home loan. Can I also pay 1/3rd rental value to mother and claim HRA? Mother doesn't stay with us but lended money to me during purchase.
If we pay rent to our parents for the property where we reside with our family and claim House Rent Allowance (HRA), is it acceptable? I've been claiming HRA for the past four years.
1. Sir agar homeloan mother ke nam par h or father retired govt officer h. Us case me hum apne itr me interest or pricipal claim kr sakte h ky. 2. Sir rent cash me paid kiya ho to us case me kaise hoga.
I have query.. What if i am staying at rented house in one area and i have bought one home in same area but its under construction, would take another 2 years to complete but i am paying interest against the home loan taken.. What would happen in this scenario
AI Generated Summary
"Claiming HRA and Housing Loan Together: Risks, Concepts, and Taxpayer Considerations"
Learn how to claim house rent allowance (HRA) and housing loan interest together
- The video discusses the risks involved in claiming both HRA and housing loan interest
- Explains the concept of claiming HRA and housing loan interest together
- Gives insight into who can claim the calculation of HRA and housing loan interest together
- Shares two-three case studies
- Concludes the video with final thoughts
The risk of claiming both HRA and housing loan interest is that the Income Tax Department can easily track it and if the claim is not approved, the tax liability needs to be paid.
- Claiming HRA allowance requires selecting under section 10(13A) in MPN against the specific HRA allowance.
- Claiming deduction of housing loan interest requires filling it under section 24B in the house property schedule.
If you pay the full amount, the Income Tax Department can track your HRA and housing loan interest.
- The concept of HRA is that the employer gives a component of salary to its employees as per House Rent Allowance. The employee can claim rent expenses incurred for living.
- The conditions for claiming HRA are that the employee must live in a rented house and the person paying the rent must occupy it. If these conditions are met, the employee can fill the amount of HRA in their income tax return.
Deduction of interest on housing loan can be claimed if certain conditions are met.
- The house property should be in the name of the taxpayer claiming the deduction.
- The interest should be paid within a year and the loan should be taken by the person claiming the deduction.
Yes, you can claim HRA and housing loan together subject to some conditions.
- The first scenario is if you are living in one city for work and your house is in another city. You can claim HRA for the city where you work and deduct the interest on housing loan for the city where your house is located.
- There are no conditions or problems in this scenario.
You can claim HRA and housing loan together if you rent a house near your workplace.
- The Income Tax Department allows you to claim both HRA and housing loan if you have rented a house near your workplace.
- Your case should meet the conditions and practical difficulties set by the department.
If you have a rented property with a home loan and you are living elsewhere, you can claim both HRA and housing loan deductions.
- Make sure you pay tax on the rent you receive and follow the rules to avoid any income tax notice.
- Plan your finances accordingly to maximize your deductions and benefits.
Even if you are not getting HRA, you can still deduct the rent you are paying.
- Use section 80GG for deduction of rent paid.
- HRA is not a requirement for claiming the deduction.
Thank you for this video
IF we take a home loan for plot +construction (means property which is not ready to go) and we reside in same city on rent ,then can we claim HRA
Nicely explained
Hey mayur can you please share the section of IT act where it is written that HRA and Interest on loan cannot be claimed if the distance between both the houses is not far???
Under construction ka case me bhi HRA & Loan ka assemption le sakte he
Applies only for interest or principal amot too?
If house loan taken but house is not ready and staying in rent. Then?
Can I opt for new regime if I m living in office quarters and there is no head of hra inmy sal slip
hello sir, what if I'm paying rent for my parents stay in which rent agreement is made in my name?? for same city home and work ??please reply
Now you cannot claim both since it is interlinked this time. If you claim HRA and Home loan interest one of the amount is getting zero.
Can we claim only HRA even if own home on a loan in the same city?
How much tax deduction we can claim from home loan?
I live in noida, my office is in gurgaon, I recently bought house in noida. Can I still claim HRA and loan interest exemption both? My newly bought home is lying vacant due to some refurbishing so I will continue to live on rent in noida but in some other house and not mine.
I have two house properties. In One house property I live in ground floor and in the 1st floor I have given on rent. I can claim hbl interest 0n loan deduction U/S 24(b)
Again in another house property i.e., a 3 bhk flat, I have given on rent. I have taken loan on this property also.
Can I claim HBL interest component u/s 24 (b) in oth the properties.
Please guide me accordingly.
Mai suppose apne wife ya parents ka pan card as a house owner use karke rent dikhata hun par ghar unke naam se nahi hai. Kya ye possibile hai?
I live in Mumbai on rent with my parents and spouse, my office is in Pune and I am traveling 2 days to Pune for work being in Hybrid Model.
I have recently bought a house in Pune on loan.
Can I still claim HRA and loan interest exception both.
Hi, I am a co-owner of self-occupied flat. Other co-owner are Mother and spouse.
I am claiming interest deduction on home loan. Can I also pay 1/3rd rental value to mother and claim HRA? Mother doesn't stay with us but lended money to me during purchase.
If we pay rent to our parents for the property where we reside with our family and claim House Rent Allowance (HRA), is it acceptable? I've been claiming HRA for the past four years.
Yes it is just do online transaction so there is a proper proof of payment
1. Sir agar homeloan mother ke nam par h or father retired govt officer h. Us case me hum apne itr me interest or pricipal claim kr sakte h ky.
2. Sir rent cash me paid kiya ho to us case me kaise hoga.
I have query.. What if i am staying at rented house in one area and i have bought one home in same area but its under construction, would take another 2 years to complete but i am paying interest against the home loan taken.. What would happen in this scenario
You can claim sir, provided you have documentary evidence to support your claim in case of any notice
If property is under construction in same city then can we claim HRA & Housing loan interest both ?
You can't claim home loan interest before the possession.
4th condition- I am in rented house and purchased house in Dec 24.Can i take rent exemption up to Dec 23 and interested deduction from Dec to Mar 24.
@@prahladpuhan4568 same doubt
If I bought under construction house and rented in same city then?
you can't claim interest until possession. once you get it then you can claim
Shukra huzur ❤
Sir can we claim hra and housing loan on same property where rent is paid to parents
did you find solution to this? if yes please tell me