I am living in a rented accommodation in Gurgaon, I also have a home loan running for a flat which is located at my home town (in Meerut). Now since I am working in Gurgaon, my flat in Meerut is occupied by my parents. There are tax benefits associated with both home loan (in form of deduction for interest and principal repayment) as well as rental payments (in form of HRA deduction), my question is can I claim both benefits at the same time?
Yes definitely- you can claim both the benefits simultaneously, HRA deduction is offered from salary income where as interest deduction for repayment of Home loan is allowed from House property Income (in you case you can claim a deduction of maximum upto Rs.1.5 lakhs which shall appear as loss and can be adjusted from salary and other Income), further Principal payment forms part of deduction under section80C which has a cap of Rs.1 lakh and is allowed from total income.
Thus If you are paying rental for a house you can certainly claim HRA irrespective of the fact that there is a separate house loan running which also qualifies for deduction.
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