Q:I have taken a home loan and want to take advantage of tax benefits from it. Can I also claim for House Rent Allowance from my workplace? Please advice.
Latest Answer: If you are staying at a rented place and have taken a home loan then you have the tax benefits on principal repayment, interest payment and HRA benefit. You can claim tax benefits if the construction of your property is over. Once the construction is done, you can not claim the HRA benefits. If you took a home loan, got possession of the house, have rented it out and stay in a rented accommodation, you will be entitled to all the three benefits.
