the Qs
the Qs
Can I claim HRA tax exemption and deduction on home loan interest as well at the same time?
Yes, Reshma, you can claim both HRA and home loan interest deductions under specific conditions:
If you have a house loan and live in a rented home in a different city.
If you rent a home in the same city for genuine reasons, like your child’s education.
If you have a home loan for an under-construction property and live in a rented home; you can claim the home loan interest deduction after construction.
If you rent out your own house and live in a different rented accommodation.
All these scenarios allow both claims.
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Exploring the highest and lowest income tax rates across G20 countries and discovering how different nations tax their citizens, with India's highest rate at 30%.
Index funds make investing easy by tracking a market index, helping your money grow steadily. They offer lower fees and built-in diversification, providing a simple way to build long-term wealth.
Honestly, on the conservative side, one should have at least 12 months worth of living expenses as emergency savings and you cannot just create this once and forget about it.…
the Qs
Can I claim HRA tax exemption and deduction on home loan interest as well at the same time?
Yes, Reshma, you can claim both HRA and home loan interest deductions under specific conditions:
If you have a house loan and live in a rented home in a different city.
If you rent a home in the same city for genuine reasons, like your child’s education.
If you have a home loan for an under-construction property and live in a rented home; you can claim the home loan interest deduction after construction.
If you rent out your own house and live in a different rented accommodation.
All these scenarios allow both claims.
Wait..would you like to get more like this?
Join 12,000+ readers who receive our insights decoding Personal Finance twice a week, so you can make the most out of your money.
No Spam. Only Finance
No Spam. Only Finance
Recent Posts
ULIPs combine insurance and investment, but hidden charges significantly lower returns compared to mutual funds. Understand IRDAI’s new restrictions on promoting ULIPs as investment products.
Exploring the highest and lowest income tax rates across G20 countries and discovering how different nations tax their citizens, with India's highest rate at 30%.
Index funds make investing easy by tracking a market index, helping your money grow steadily. They offer lower fees and built-in diversification, providing a simple way to build long-term wealth.
Honestly, on the conservative side, one should have at least 12 months worth of living expenses as emergency savings and you cannot just create this once and forget about it.…
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