Speaking on the income tax rule for claiming tax exemption for one’s HRA Mumbai-based tax expert Balwant Jain said, “HRA benefit is available for salaried earning individual only under some certain conditions. First and foremost condition is one getting HRA as part of one’s salary, second condition is the salaried individual paying rent for the home which is occupied by him or her but not owned by him or her.” Jain said that if a salaried person is fulfilling these conditions he or she can claim income tax benefit for HRA.

Speaking on income tax rules for home loan benefit Harsh Roongta, Head at Fee Only Investment Advisers said, “Income tax benefit for home loan can be claimed under two sections. For home loan principal repayment, one can claim benefit under Section 80C, which can’t go beyond ₹1.5 lakh in single financial year. For home loan interest repayment, one can claim income tax benefit available under Section 24(b).”