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Availability of HRA exemption

d.v. gupta

my client has bought a house on loan and paid interest of Rs. 200000/-.he is living in a rented house and paying rent of rs 10000 p.m. he is also receiving rent from his bought house @ 5000 pm. whether he is entitle for HRA exemption being salaried and receiving HRA. whether Rs. 200000 paid as interest is deductible in total being rented house.

HRA exemption and home loan interest: salaried employees can deduct loan interest and set off house property loss against salary income. Salaried employees occupying rented accommodation while owning a let-out property may claim deduction for home loan interest against income from house property; any resultant net loss under Income from House Property can be set off against salary income, affecting the taxable salary and the benefit of HRA. (AI Summary)
Income Tax
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rishi mohan on Feb 6, 2009
As the assesse is a salaried employee, he can claim exemption for the interest of loan paid on the house. Loss from house property can be set off from the annual salary income.
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