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Tejas Chokshi | Answer |Ask -Follow

Tax Expert - Answered on Jun 12, 2023

CA Tejas Chokshi has over 20 years of experience in financial planning, income tax planning, strategic and risk advisory, banking and financial products and accounting and auditing.
He is an information system auditor, a forensic auditor and concurrent bank auditor.
Chokshi, who has a master’s degree in management, audit and accounting from Gujarat University, has completed his CA from the Institute of Chartered Accountants of India.... more

Asked by Anonymous - Jun 05, 2023Hindi

Money

I didn't have down payment of 20Lacs so couldn't buy home in navi mumbai so what if I buy home at Karad will i be able to claim HRA and home loan.Also if I bought new house after 3-4 years in navi mumbai can i claim tax benefit for both loans

Ans: If you buy a home in Karad, you can claim tax benefits on a home loan, but you may not be eligible to claim House Rent Allowance (HRA). Here's an explanation:

Home Loan Benefits: If you purchase a house in Karad and take a home loan for that property, you can claim tax benefits on the loan under the following sections:

a. Deduction on Home Loan Interest (Section 24(b)): You can claim a deduction on the interest paid on the home loan up to Rs. 2 lakh per financial year, subject to certain conditions.

b. Deduction on Principal Repayment (Section 80C): You can claim a deduction on the principal repayment of the home loan under Section 80C, up to a maximum limit of Rs. 1.5 lakh per financial year, along with other eligible investments.

House Rent Allowance (HRA): HRA is a benefit provided to salaried individuals who live in a rented house. If you own a house in Karad and reside in it, you may not be eligible to claim HRA, as you are not paying rent.

Tax Benefits for a New House in Navi Mumbai: If you buy a new house in Navi Mumbai after 3-4 years, you can claim tax benefits on the home loan for that property as well. The tax benefits mentioned earlier (deduction on home loan interest and principal repayment) can be claimed for both properties separately, subject to the prescribed limits and conditions.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Asked by Anonymous - Apr 24, 2023Hindi

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My Salary is 15LPA I am leaving on rent but as I am not having enough down payment so can't buy home of 70-80 lacs.Can I buy home of 25-30 lacs and claim for HRA and home loan.Also if in coming 5 years if I have to buy a new house will i be able to get tax benefit on both homes.

Ans: If person own a house property, he can not claim HRA by paying rent for house property in same city.

Unless there can be genuine reasons like owned house is far from rented property, owned house is small to occupy etc and it can be subject to litigation.

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Question by Vishal - Jun 16, 2023Hindi

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I didn't have down payment of 20Lacs so couldn't buy home in navi mumbai so what if I buy home at Karad and now I am staying in Navi Mumbai on rent will i be able to claim HRA and home loan.Also if I bought new house after 3-4 years in navi mumbai can i claim tax benefit for both loans.

Ans: Yes HRA can be claimed if own house property is in different city and due to employment, you have to stay on rent.

Further, with reference to deduction of Interest and Principle repayment on housing loan, subject to prescribed limit (Rs.2 lacs for self occupied home interest and Rs.1.5 lacs for principal repayment u/s 80C ), benefit can be taken for both houses.

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Asked by Anonymous - Jun 20, 2023Hindi

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I didn't have down payment of 20Lacs so couldn't buy home in navi mumbai so what if I buy home at Karad and now I am staying in Navi Mumbai on rent will i be able to claim HRA and home loan.Also if I bought new house after 3-4 years in navi mumbai can i claim tax benefit for both loans.

Ans: Person can claim HRA exemption and Interest on loan, in case own house and rented home is in different city.

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Question by Vishal - Jul 07, 2023Hindi

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I didn't have down payment of 20Lacs so couldn't buy home in navi mumbai so what if I buy home at Karad and now I am staying in Navi Mumbai on rent will i be able to claim HRA and home loan.Also if I bought new house after 3-4 years in navi mumbai can i claim tax benefit for both loans

Ans: Yes HRA can be claimed if own house property is in different city and due to employment, you have to stay on rent.

Further, with reference to deduction of Interest and Principle repayment on housing loan, subject to prescribed limit (Rs.2 lacs for self occupied home interest and Rs.1.5 lacs for principal repayment u/s 80C ), benefit can be taken for both houses.

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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