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Interest on Housing Loan & House Rent Allowance.

SURYAKANT MITHBAVKAR

I have Bank Loan against House Property which is in outside Mumbai. I stay in mumbai on rental basis.

Can i claim income tax exemption for Housing Loan Interest as well as House Rent Allowance.

Concurrent claim of housing loan interest and house rent allowance permitted; taxpayer may avail both benefits. A taxpayer living in rented accommodation in one city while holding a bank-financed house property in another city may concurrently claim deduction for interest on the housing loan and House Rent Allowance; payment of interest on the owned property does not bar HRA entitlement. (AI Summary)
Income Tax
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CAGOPALJI AGRAWAL on Mar 7, 2014

Yes, you can claim.

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