Tax deduction and Interest on Housing Loan

Can my wife and I both claim interest on the housing loan?

Hey Shubham,

Each joint owner/ co-owner and a borrower can claim Rs 2 Lakhs interest deduction – In case of a joint home loan for self-occupied house property, each of the owners can claim Rs 2 Lakhs in their tax return. The total interest is allocated between them based on their share of ownership.

Sir/Ma’am,

I have been transferred in the month of october. At my previous place of posting I was getting lease cheque directly from my employer and at my current place of posting I am getting HRA.

So how can I get HRA reg tax savings in ITR as there has been lease to HRA change from october 2020 onwards.

Regards,

Monu Gulshan

Hi @MONU_KR

You can calculate the exempt amount of HRA and declare the same in the ITR so as to save the taxes.

You can use Quicko’s calculator for calculating exempt amount of HRA.

Also if you have submitted the receipts to the employer must have calculated exempt House Rent Allowance and deduct the same from the employee’s taxable salary. You can know exempt house rent allowance from your Form 16.

HRA will be calculated on a pro-rata basis i.e from October 2020 till March 2021.

Hope this helps!

For FY 2020-2021, Six months I ,ve been on company provided lease(i.e. from APRIL 20 to Oct 20) and thereafter I have been on HRA for rest Six months(i.e from OCT 20 to March 21).

Above calculators are not helpful to me.

Kindly assist will I be eligible for tax exemption.

Regards,

Monu Gulshan

DOES NEFT transaction TO OWNER WORKS AS A PROOF OF RENT RECIEPT AS MY OWNER IS NOT PROVIDING RECIPT

Can we also claim property taxes while calculating income from House Property?

Hi @Dixita

Property tax is levied by the Municipal authorities on the real estate which consists of a house, office building and premises rented to third parties. While calculating Income from House Property, the net annual value is calculated by subtracting municipal taxes from the gross annual value of the house.
Therefore you can claim property taxes while calculating Income from House Property

I receive HRA as part of my salary, how much of it is exempt from income income tax?

Hi,

The lowest of the following is exempt House Rent Allowance from Income Tax:

  • Actual HRA received from an employer
  • 50% (for Metro) or 40% (for Non-Metro) of Basic Salary
  • Annual Rent Paid – 10% of Basic Salary

You can use HRA Calculator to do the calculation for you :slight_smile:

2 posts were merged into an existing topic: Tax Filing on Quicko