Nov
10
Using Home Loans and House Rent Payment slips for tax exemptions?
By
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 Comments
November 11th, 2009 at 10:42 am
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
November 13th, 2009 at 7:05 am
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).
November 16th, 2009 at 1:21 pm
You have to tke the certificate from the financial institution.