I have taken a home loan and am paying Rs 20,000 EMI. My wife jointly owns the house with me. We are living in that house. How should I declare my HRA to get maximum tax benefit?You can claim the benefit against the house rent allowance (HRA) only if you are actually paying the house rent. Since you are living in the owned accommodation, you cannot claim the benefit of HRA. Your co-owning the house with your wife does not make any difference to the tax status. In your case, HRA is fully taxable.
