Monday, September 22, 2014

Claiming House Rent Allowance

 

Claiming House Rent Allowance

House Rent Allowance can be claimed under Section 10 (13A) if you're living in rented accommodation

 

House Rent Allowance can be claimed if you are living in a rented accommodation to the extent provided under Section 10 (13A) of Income Tax Act 1961. Based on facts provided above, you can claim HRA exemption for the months you were staying on rent during the previous year.

 

HRA and Interest paid on Home Loan are governed by two different sections. You can claim both provided you are eligible. Yes, you can claim interest paid on home loan under Section 24B maximum upto R2 lakh as per recently proposed budget guidelines.

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