HOUSE RENT AND BUILDING LOAN INTEREST

[S.C. WADHWA]

Dear Experts,

One of our employee getting hra and paid rent till oct.14. in Nov he get building loan of ₹42 lac in joint name with spouse and purchased a house and get possession. he also get loan for renovation of ₹10 lac in joint name. Now my query is whether (1) He can claim rent paid till oct and (2) 50% share of int paid upto 2 lac (3) 50% share of int paid on loan renovation upto 30000/- (4) 50% share of principle amt paid upto 150000/-. Please give your expert opinion.

Regards,

WADHWA

AI Summary

Can Employee Claim HRA for Rent Paid Until October and 50% Loan Interest for New Home Purchase? An employee received a house rent allowance (HRA) and paid rent until October 2014. In November, the employee secured a building loan of 42 lakh and a renovation loan of 10 lakh, both in joint names with their spouse, to purchase and renovate a house. The query seeks expert opinions on whether the employee can claim the rent paid until October, and if they can claim 50% of the interest paid on the building loan up to 2 lakh, 50% of the interest on the renovation loan up to 30,000, and 50% of the principal amount paid up to 1,50,000.