Can I claim Tax Benefit for both HRA & Home Loan?
– A question which is often asked by many taxpayers. This is mainly because many employers do not allow both tax benefits together in certain situations. Unfortunately, this is NOT the right thing to do.
Both HRA and Home Loan Interest tax sections are unrelated. You claim
tax benefit on HRA (House Rent Allowance) under section 10(13A) while
the tax benefit on payment of interest on home loan comes under section
24(b). However, there can be issues if both the sections are used together with the intent of tax evasion.
We can have four situations for people claiming HRA & Home Loan tax benefit.
