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Yes, a person can claim exemption on HRA as well deduction for Home loan interest provided he/she stays in a rented premises. Sometimes it happens, you are staying in rented premises near your workplace and you also own a house which is lying Vacant or your family is residing in it. So you can easily claim all tax benefits related to Home loan and as well as exemption on HRA.
You can also stay on rented House owned by your parent or relative and claim exemption for the rent paid. You can’t claim exemption for rent paid for House owned by your Spouse.
HRA being a part of a salary becomes completely taxable if an employee does not stay in a rented premises. To claim exemption for HRA (House rent Allowance), you being an employee need to stay in a rented premises and pay rent for it. The exemption amount which you can avail will be lower of the following:
HRA paid by employer
Rent paid minus 10% of Salary*
For the residents of Metro Cities (Only Mumbai, Kolkata, Delhi or Chennai) 50% of basic salary (For the residents of Non-Metro cities, 40%)
*Salary here means Basic salary + Dearness Allowance + Commission based on fixed percentage on turnover
To know more on HRA read here
Let’s look at an example below to understand the things completely:
Ravi works at a Tech Company in bangalore and receives a Basic salary of Rs.60,000 per month (no dearness allowance and other commission). He also receives HRA of Rs 5000 per month. He stays in a rented premises and pays rent of Rs 8000 per month. He also owns a House which is occupied by his family. He has taken a loan for that Home and is required to pay EMI of Rs.30,000 (interest of Rs 10,000 and principal repayment of Rs 20,000).
Here HRA exemption which Ravi can claim is lower of the following:
5000 (full amount of HRA actually paid by the company)
8000 – 10% of 60000 = 2000 (Rent paid minus 10% of Salary)
40% of 60,000 = 24000 (For the residents of Non-Metro cities, 40%)
So Ravi can claim exemption of Rs 2000 on HRA out of Actual HRA of Rs. 5000. The balance Rs 3000 will be taxable.
Ravi can also claim deduction for interest on Home loan of Rs. 10,000. Here the House owned by Ravi is occupied by his family and thus there is no rental income. Therefore after availing deduction for interest on Home Loan, there will be loss under the head ‘Income from House Property’ which he can set off against his salary income or income from any other source.
Ravi can also claim deduction for repayment of Home loan from Gross total Income under section 80C subject to a maximum limit of Rs. 150,000.
