The last day for filing the income tax returns is approaching fast. The I-T returns have to be filed by July 31 by all means. It is possible that the ITR filing deadline is extended. Even though this happens every year, it is prudent to file the ITR as soon as possible. The benefit of filing ITR sooner than later is that people would get tax refunds faster.
Normally, rebates on house rent allowance and home loan repayment cannot be claimed together while filing the ITR. However, there is a way to do that. There is a special category of taxpayers who can actually pull off the rebate.
If a taxpayer can prove that she is not living in the house purchased by her and is actually paying rent on another house, she can claim both HRA and home loan repayment rebates.
This helps those who have bought a house in one city and are living on rent in another. People who have bought houses far away from their workplace and are living in rented accomodation, can also avail this facility.
Here are the four conditions under which this facility can be allowed, as per Hindustan. If you live in one city and have a house on loan in another; if you live in a rented accomodation in the same city you have bought a house in; you have bought your house for investment purpose and you live elsewhere; your house is being built and you are living in rented accomodation.
