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Thread: Income tax rebate on HBA

  1. #1
    Junior Member bmkraju is on a distinguished road
    Join Date
    Nov 2010

    Default Income tax rebate on HBA

    Dear Seniors,

    I took Rs 24 lakh housing loan from LIC in August 2011. I was in rent house till August 31, 2011 and paid rent. In September 2011, I shifted to my new house. In 2nd week of September 2011, I paid about Rs. 15000/- as interest and no principal. From October 2011 onwards I have to pay about Rs 24000 as EMI (about Rs. 21000/- as interest and about Rs 3000/- as principal) on 7th of every month. Please suggest me, how to get tax benefit for rent paid from April to August 2011 and my repayment to LIC housing finance from September 2011 to March 2012 both.

    With Regards
    BMK Raju

  2. #2
    Senior Member SASI is on a distinguished road
    Join Date
    Oct 2009


    Tax benefit for rent paid (April to August 2011)is the least of the following.
    i) HRA received for the period
    ii) Rent Paid in excess of 10% salary for the period
    iii) 40% of salary(50% in cases where accommodation is in Bombay,Calcutta, Delhi or Madras)for the period

    From September to March you can claim reduction of the interest paid for the housing loan under loss on house property. Deduction on Principal can be claimed under Chapter VI A.


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