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  1. You can claim HRA exemption if you fulfill these three conditions:

    ~ You have an HRA allowance as part of your salary package.
    ~ You are staying in a rented accommodation and paying rent for it.
    ~ The rent exceeds 10% of your salary.

    Housing loan interest and principal amount qualify for exemption u/s 24(b) & 80C.

    The rent you receive will fall under the head Income from House Property. Housing loan interest is subtracted under this head.