Tax Saving Tips: If you are worried about saving tax then there is no need to worry. How will you get the benefit of tax exemption on both home loan and HRA? Let’s know its method.
Tax Saving Tips: The new financial year has started. In such a situation, the company in which you are working must have asked for investment declaration from you, otherwise your company will be asking for it. If you are also worried about saving tax then there is no need to worry. How will it be if you get the benefit of tax exemption on both Home Loan and HRA? Maybe even if this happens, you will be happy. Let us know what is the condition of this?
Have flats but live on rent
Akhileshwar, who works in Multi National Company of Gurugram, has bought a flat in Noida. His office is far away from Noida, due to which he lives on rent in Delhi. The question is whether they will get the claim of tax deduction on HRA along with repayment of home loan. This question is of all the salaried class people.
Exemption may be available with certain conditions
When asked about this, Chartered Accountant Ashish Mishra said that both HRA and home loan can be claimed with certain conditions. You can make both these claims even by living in the same city.
In this way, HRA will also be exempted
CA Ashish Mishra says that now in most companies, House Rent Allowance (HRA) has been included in CTC (Cast to Company). Tax exemption will be available on this when you pay the rent of the house yourself. In this case, you can claim HRA by submitting the rent receipt signed by the landlord.
This advantage is available on home loan
Home loan EMI goes into two parts. First principal amount and second interest. Tax exemption up to 1.5 lakh can be claimed on the principal amount of the home loan under 80C. Apart from this, you can also claim tax exemption on home loan interest up to Rs 2 lakh separately.
This is how tax exemption will be available on HRA and home loan
His parents live in Akhilesh’s house in Noida and he himself pays the EMI. He lives on rent in Delhi with his wife and daughter. In this condition, they can get the benefit of tax exemption on both the things. You can also claim both the things by giving the flat on rent. For this, you have to show the rent in your income.
