Under Section 88, the rebate varied depending on the income slab. If your gross total income did not exceed Rs 150,000 = 20% rebate. If your gross total income did not exceed Rs 150,000 = 15% rebate. If your gross total income exceeded Rs 500,000 = Section 88 not applicable.
2nd and 3rd lines are same..should be corrected immediately,,thanks...
RE:Claim HRA & Home Loan
by bala on Feb 10, 2006 12:34 PM Permalink
You can claim HRA by submitting Rent receipts. Besides you can claim Home Loan repayment benefit provided you show the house has been let out for rent and the rent as your additional income. You have to declare the annual lettable value and the maintenece cost, taxes paid. If the Interest and cost of Maintenance and taxes are higher than the rent earning, you may claim the difference as Loss from house property. You need to fill the form 12C in any case which gives all the details.
