Deduction under section 13A and 80C

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  1. LAKSHMI PRABHU

    LAKSHMI PRABHU New Member

    Hi,

    I have taken a housing loan for a flat in Bangalore (Outskirts). I'm staying in an rented house in Bangalore.

    Can I claim deduction for Housing loan and also for the rent I pay. Please suggest.

    Thank you
    Lakshmi
     
  2. Karan Batra

    Karan Batra Well-Known Member

    Yes, you can claim deduction for both payment of rent as well as for repayment of loan
     
  3. ZED

    ZED Well-Known Member

    Yes you can and further you can also take deduction for interest u/s 24(b).
    You will not get exemption only if

    (a) the residential accommodation occupied by the assessee is owned by him ; or

    (b) the assessee has not actually incurred expenditure on payment of rent (by whatever name called) in respect of the residential accommodation occupied by him ;
     
  4. LAKSHMI PRABHU

    LAKSHMI PRABHU New Member

    Residential property is not let out or self occupied. It is vacant. Might let out in future say after few months. The assessee has incurred the expenditure on payment of rent.
     
  5. ZED

    ZED Well-Known Member

    Do you have any other house property in your name?
     
  6. LAKSHMI PRABHU

    LAKSHMI PRABHU New Member

    No.
     
  7. LAKSHMI PRABHU

    LAKSHMI PRABHU New Member

    Could you please provide me the section under the Income Tax Act.
     
  8. ZED

    ZED Well-Known Member

    Principal deduction U/S.80C
    Interest Deduction U/S 24(b)
    HRA U/S 10(13A) [Available only if you are actually receiving HRA from employer]
    Otherwise claim rent deduction U/S 80GG
     
  9. Nikhil1029

    Nikhil1029 New Member

    Please go through these videos to know how to file income tax returns online and pay tax online.

     
  10. LAKSHMI PRABHU

    LAKSHMI PRABHU New Member

    My employer doesnt agree with this and they are able to provide either Exemption under section 13A (HRA) or deduction under section 80 C.

    If you could provide me with any case law or IT provision in this regard. I can share the same with my employer to claim exemption.

    Thank you
     
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