Can I take advantage of income tax benefits on Home loan and House rent allowance at the same time

Under the following scenario you can claim both the tax benefits as well as HRA.

You can claim tax benefits on your home loan only if your home is ready to live in during that financial year. Once the construction of your home is complete, the HRA benefit stops. However, if you possess a house, i.e., you own a house and have rented it out and are staying in a rented accommodation, you will be entitled to all the three benefits mentioned below. However, in this case, the rent you receive would be considered as your taxable income.

• Tax benefit on principal repayment under Section 80C
• Tax benefit on interest payment under Section 24
• HRA benefit