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HRA : House Rent Allowances Can You Claim Both HRA And Home Loan For Tax Benefit in Hindi

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Published on 30 Jan 2020 / In Salary Class

HRA ( House Rent Allowances) Can You Claim Both HRA And Home Loan For Tax Benefit?

Yes, you can claim income tax exemption on both house rent allowance (HRA) and repayment of home loan. If you are living in a house on rent and servicing home loan on another property - even if both the properties are located in the same city - you can claim tax benefit for both.

But Income Tax dept closely check your documents

The individual has to ensure that the related documentations (like lease deeds, possession/completion letters, etc.) and justification regarding the same are readily available with him/her if the such query is raised,"

Salaried individuals who live on rent can claim HRA to lower taxes. It is partially exempted from taxes. However, if the individual does not live in a rented accommodation, HRA is fully taxable.

The deduction on HRA is the lowest of the following under Section 10(13A) of the Income Tax Act:
• Actual HRA received from the employer
• 50 per cent of (basic salary + dearness allowance) for those living in metro cities (40 per cent for non-metros)
• Actual rent paid less 10 per cent of salary.

On the other hand, if you are servicing a home loan you can claim tax benefits on principal and interest payments. Principal repayment, under Section 80C of the Income Tax Act, is exempted up to Rs. 1.5 lakh. And on interest repayment, exemption can be claimed up to Rs. 2 lakh, under Section 24.

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