Yes, you can get tax benefits on both House Rent Allowance (HRA) and home loan interest payments, but there are some conditions that must be met.
For House Rent Allowance (HRA), the amount of tax benefit you can claim depends on several factors, including your rent payment, your basic salary, and the location of your rented property. You can claim a deduction for the amount of HRA received from your employer, subject to certain limits.
For home loan interest, you can claim a tax benefit under Section 80C of the Income Tax Act. The maximum deduction you can claim for home loan interest payments is up to INR 2,00,000 per financial year.
It’s important to note that you cannot claim tax benefits for both HRA and home loan interest in the same financial year for the same property. You can either claim tax benefits for HRA or for home loan interest, but not for both. You will have to choose the benefit that is more beneficial for you based on your specific financial situation.
It’s advisable to consult with a tax professional to determine the best course of action for your specific situation and to ensure that you claim the maximum tax benefits that you’re entitled to.




