I have a query on claiming HRA and Home loan benefits (Principal and Interest). I am staying in a rented apartment in Bangalore. In Apr-2017, I had bought an apartment in Bangalore and I am paying the loan EMI from Apr-2017. I would like to claim both HRA and Home loan benefit.
Is it possible?
If yes, what are the documents I must submit for tax declaration?
Should I declare as a let out property?
Please clarify.
Thanks in advance.
2 Answers
Hi,
Yes, you can declare the property as Let-out or Deemed to be let-out one.
You can claim HRA.
For claiming tax deduction on Home loan, you can submit Home loan statement and Occupancy Certificate to your Employer.
For HRA - you can submit Rent receipts (with Landlord's PAN) to your employer.
Related Articles :
https://www.relakhs.com/understanding-tax-implications-of-income-from-house-property/
https://www.relakhs.com/income-tax-declaration-investment-proofs-list-employer/
I am assuming that you have taken the possession of the property. In case, you have not take the possession then you can not claim tax benefits on home loan.
https://www.relakhs.com/income-tax-exemptions-fy-2017-18-list/
https://www.relakhs.com/under-construction-house-how-to-claim-tax-deduction-on-home-loan-interest-payments/
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