The Tax Preparation Blog

Posts Tagged ‘income tax jobs india’

Question: I have a house in Mumbai. But I stay in Hyderabad for job. Can I claim tax deduction for mumbai house?

I have a house in mumbai . I stay in a rented house in hyd ( for job).
. Can anyone explain what is the meaning of self occupied. Need that says i needs to stay in mumbai , or my dependents stay in mumbai or should I keep vaccant.
Right now I do not have any income from there and my family stays there.
Can any one explain if can i claim both HRA and Home loan tax deductions as per india tax laws.

Answer: Self occupied means not rented out. If your family is residing in the Mumbai house or if it is vacant then it means self occupied.

If you are receiving HRA then you can claim exemption on HRA u/s 10(13A). Even if you rent out the Mumbai house, still you can claim exemption on HRA because you stay in a rented house in Hyderabad.

You can also claim benefits u/s 80C & 24(b) on home loan for Mumbai house.

India tackles deficit in budget

India vowed Friday to rein in its gaping public deficit with a new budget that counts on higher tax revenue and sales of stakes in state firms to sustain the government’s flagship social spending.

Д.Медведев.Проблемы инвестиционного климата.02.02.10.Part 1