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Mihir Tanna |1062 Answers |Ask -Follow

Tax Expert - Answered on Apr 24, 2023

Mihir Ashok Tanna, who works with a well-known chartered accountancy firm in Mumbai, has more than 15 years of experience in direct taxation.
He handles various kinds of matters related to direct tax such as PAN/ TAN application; compliance including ITR, TDS return filing; issuance/ filing of statutory forms like Form 15CB, Form 61A, etc; application u/s 10(46); application for condonation of delay; application for lower/ nil TDS certificate; transfer pricing and study report; advisory/ opinion on direct tax matters; handling various income-tax notices; compounding application on show cause for TDS default; verification of books for TDS/ TCS/ equalisation levy compliance; application for pending income-tax demand and refund; charitable trust taxation and compliance; income-tax scrutiny and CIT(A) for all types of taxpayers including individuals, firms, LLPs, corporates, trusts, non-resident individuals and companies.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more

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.

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 - Jun 05, 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 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.

Mihir Tanna |1062 Answers |Ask -Follow

Tax Expert - Answered on Oct 20, 2023

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.

Mihir Tanna |1062 Answers |Ask -Follow

Tax Expert - Answered on Jul 07, 2023

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.

Mihir Tanna |1062 Answers |Ask -Follow

Tax Expert - Answered on Dec 06, 2023

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.

Mihir Tanna |1062 Answers |Ask -Follow

Tax Expert - Answered on Nov 22, 2023

Asked by Anonymous - Nov 17, 2023Hindi

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I have bought a house in Delhi by raising loan which I have let out but for my parents and self I have been continuing residing in rented accommodation am I eligible to claim both HRA exemption and claim interest on loan by setting it off against rent of property let out

Ans: No, you can not claim HRA as you own a property in same city

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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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