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Yes, you can claim both HRA (House Rent Allowance) and home loan deduction in India, subject to certain conditions. Here’s a breakdown of the rules:
Eligibility:
1. You must be a salaried individual receiving HRA as part of your salary.
2. You must reside in a rented accommodation in the same city where you work.
3. You must have availed a home loan for a property in your own name or jointly with your spouse.
Conditions for claiming both HRA and home loan deduction:
1. You must not own a house in the same city where you work.
2. You must not be living in the same house you own.
3. You must have a genuine reason for not living in your own house, such as a long commute or work-related requirements.
How to claim both HRA and home loan deduction:
Claim HRA exemption: You can claim HRA exemption up to a maximum of 50% of your basic salary, or the actual rent paid, whichever is lower.
Claim home loan interest deduction: You can claim a deduction on the interest paid on your home loan up to a maximum of Rs. 2 lakhs (for self-occupied property) or Rs. 3 lakhs (for let-out property).
[HRA, Home Loan, Tax Benefits, India, Salaried Individuals, Property, Income Tax, Rent Allowance, Deduction Rules, CA Sakchi Jain]
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