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Using Home Loans and House Rent Payment slips for tax exemptions?

May 13th, 2010 by admin
rent house now
I took a home loan and showing the Interest paid for Income Tax exemptions. Now, I have rented the house which I took over loan and getting about Rs.5000. But I am still staying in a rented house paying approx Rs.10000. Can I submit House Rent payment slips to my employer so that I get tax exemptions for the rent which I am paying.

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3 Responses to “Using Home Loans and House Rent Payment slips for tax exemptions?”

  1. 1Jss

    For home loan interest deduction under section 24(b) and capital deduction under 80C, read.

    Rent you are getting must be reported as Income from house property.Read

    Comment on May 16th, 2010 at 11:33 pm  
  2. 2narahari_vijayk

    The interest amount paid can be claimed as a deduction U/s24B and the principal amount repaid can be claimed u/s 80C if borrowed from specified institutions..
    But you will not be eligible for claiming benifit u/s 80GG (i.e, dedution for the rent Rs10000 paid) if u fall under any of the following categories-
    1. You are in receipt of HRA
    2. You own a house the locality in which you have rented a house.
    3. You claim income of any house property as self occupied (Not paying tax in respect of any house)
    However you can ask ur employer to re-structure ur salary such that you will include HRA in your salary and claim the maximum benifit of exemption for HRA u/s 10(13A).

    Comment on May 18th, 2010 at 1:30 pm  
  3. 3nuke

    You have to tke the certificate from the financial institution.

    Comment on May 20th, 2010 at 6:34 am  
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