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

House rent and loan interest: eligibility for HRA and joint loan deduction claims questioned for pre acquisition rent and shared repayments. Question whether an employee who received HRA and paid rent until acquiring a house may claim HRA for that pre-acquisition period, and whether, as a joint borrower, the employee may claim fifty percent of allowable deductions for interest and principal on building and renovation loans within stated monetary ceilings.