• HRA and house loan principals are appearing in form 16 but no interest is shown in form 16

Hi, in my form 16 HRA received is shown as allowance , but i have a self occupied property in the same city where i work and i live in the same house for which i have taken loan. In my form 16 only housing loan principle repayment is shown as deduction u/s 80 C whereas interest on loan is not shown . how do i proceed with the same while filing my ITR
Asked 5 years ago in Income Tax

Hi,

- You can not claim HRA exemption if you are not paying rent and living in your own house.

- You can claim interest on housing loan deduction in your ITR.

Thanks

Vivek Kumar Arora
CA, Delhi
4825 Answers
1031 Consultations

5.0 on 5.0

Since you are living in your own property and not paying any rent therefore the HRA you are receiving will be taxable and not exempt.

Now regarding the loan you can claim principal amount as deduction u/s 80C as mentioned in form 16 also you can claim interest on such housing loan u/s 24 under income from house property even if same is not shown in form 16. You will have a refund in the end that's great.

Hope you find it helpful if you do please rate it 5 and provide your valuable feedback for my improvement.

We even provide facility to file ITR online if you need any help just mail the documents.

Thank you

Naman Maloo
CA, Jaipur
4265 Answers
96 Consultations

5.0 on 5.0

While filing ITR there are two column one which ask for HRA amount and another ask for HRA amount exempt in that column don't fill any amount so whole of your HRA will be taxable.

Form 16 is for TDS it does not mean it is 100% correct, you can make changes while filing return of income. Next time make sure and tell your accounts department that your HRA won't be exempt.

Hope you find it helpful, we can help you file your ITR, do rate it 5 if you find it helpful and provide your valuable feedback.

Thank you

Naman Maloo
CA, Jaipur
4265 Answers
96 Consultations

5.0 on 5.0

Hi,

- There is no issue if Form 16 is showing HRA. Don't claim any exemption of HRA and pay full tax on HRA.

Thanks

Vivek Kumar Arora
CA, Delhi
4825 Answers
1031 Consultations

5.0 on 5.0

Dear Sir,

Hope you are doing well !

1.No you cannot claim HRA as you are living in your own house.

2. Deduction under Section 24 is available for interest paid during the year on housing loan availed.So, You can claim interest on housing loan deduction in your income tax return.

Thanks & Regards,

Payal Chhajed

Payal Chhajed
CA, Mumbai
5188 Answers
288 Consultations

5.0 on 5.0

Even if it is shown in form 16, you can not claim HRA.

Calculate your tax liability and pay accordingly.

Payal Chhajed
CA, Mumbai
5188 Answers
288 Consultations

5.0 on 5.0

Hi,

You cannot claim HRA exemption if you are living in your own house. You can claim interest on housing loan that you are paying as a deduction in your ITR.

Regards

Nikhil

Nikhil Khanna
CA, Mumbai
1429 Answers
19 Consultations

4.8 on 5.0

In your ITR dont claim the HRA exemption and pay taxes on the same. That should solve your issue.

Nikhil Khanna
CA, Mumbai
1429 Answers
19 Consultations

4.8 on 5.0

Hi,

You can not claim HRA as you are not paying any rent and living in your own home.

However, you can claim interest paid on home loan.

Karishma Chhajer
CA, Jodhpur
2450 Answers
29 Consultations

5.0 on 5.0

Still you can not claim HRA.

Calculate your tax liability without claiming HRA and pay the taxes.

Karishma Chhajer
CA, Jodhpur
2450 Answers
29 Consultations

5.0 on 5.0

Hi

You cannot come claim HRA deduction.Dont include HRA in exempt allowance.

Further include interest paid on house loan amount in income from house property and recalculate your taxes and pay accordingly.

Hope it helps

Swati Agrawal
CA, Mumbai
1146 Answers
7 Consultations

5.0 on 5.0

Hi,

You can't claim HRA if you are living in your own house. So don't claim HRA exemption while filing your return.

Further, even if interest is not shown in your form 16, you can claim it under the house Property while filing the return.

Abhishek Dugar
CA, Mumbai
3576 Answers
183 Consultations

4.8 on 5.0

Get interest certificate from Bank & claim it in your itr

Nitin Jain
CA, Jaipur
214 Answers

4.7 on 5.0

Under these facts and circumstances, the HRA becomes fully taxable even if some or whole part has been shown as exempt under Form 16.

For interest on housing loan you can claim it while filing your Income Tax Return but do not forget to collect the interest certificate from bank which can be demanded at later stage from Income Tax Department

Bharat Poplani
CA, Zirakpur
56 Answers

4.9 on 5.0

Hi

Do not claim HRA exemption. Complete HRA shall be part of taxable salary.

Claim the interest deduction under house property head.

Lakshita Bhandari
CA, Mumbai
5687 Answers
909 Consultations

5.0 on 5.0

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