HRA and Tax Benefits from Home Loans?

In our previous post, we had discussed about how you can avail HRA and tax can be exempted in your property. We shall now understand this with the help of the following example:

Consider an employee who resides in Mumbai. He pays rent of Rs. 20,000 per month and his salary is divided into the following components:

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• Basic pay: Rs. 50,000 per month
• Dearness Allowance or DA is Nil.
• HRA is Rs. 20,000 per month which is 40% of the Basic Pay

The exempted amount of HRA from the above mentioned details will be the least from these figures where HRA is Rs. 20,000, Rent above 10% of Basic= Rs. 15,000 (20000-5000) and 50% of the Basic Pay= Rs. 25, 000.

Out of these the least is that of the Rent above 10% of Basic i.e. Rs. 15,000. And hence, in this example, the person can avail HRA tax exemption of Rs. 15,000 per month out of the total HRA that is Rs. 20,000 per month.

Therefore, the net taxable portion of the HRA would only be Rs. 60,000 per year.

Net taxable portion of the HRA = Total HRA received per year – HRA tax exempted per year

It is important to note that the house rent allowance can be claimed if the following conditions are fulfilled:

• The person is an employee and is salaried
• He/she receives HRA as a part of his salary
• He/she is not a resident of the same city where he/she has his property
• He/she pays the rent of the house that he is staying in as a tenant and has a valid agreement of the same

The HRA tax exemption is done based on monthly or yearly basis depending upon whether the above mentioned clauses remain same throughout the year or vary during the year.

Read More:
1) Confused how home loans can get you Tax benefits?
2) Understanding EMI calculations
3) EMI: Evaluate, Manage and Impliment?

Pune international Film Festival – Season of creativity at its best

Pune has been popular across the globe for its IT sector and youthful crowd. Apart from this, Pune is also known to host 'Pune International Film Festival' that provides a great platform for creative minds from the country as well as international film makers. The city is indeed a a celluloid lover’s paradise as it is also home to Film and Television Institute of India (FTII) the premier film school of the country, as well as the National Film Archive of India (NFAI). Both the places located closer to each other has gifted the country's film fraternity with a list of talented filmmakers, actors and technicians and the other skilled professionals, without which the industry would not be in a strong position as we see it today.

Naiknavare Egles Nest - Siteout Area

The Pune international Film Festival also known as PIFF was born in 2002 with an aim to attract the best of celluloid lovers to the city to further refine their skill-sets. The last 12 years have been pretty much historical to the organization. The event held every year is marked as an important date in the calendar of film buffs, filmmakers and all from the film fraternity across the globe as it entertains, inspires and awes them to newer heights. The upcoming 13th Pune International Film Festival is scheduled to be held from 8th to 15th January, 2015 and promises to more inspiring than its previous events. Speaking more on the upcoming event, Dr. Jabbar Patel, Chairman and Director of PIFF said, “With the backdrop of 12 eventful editions, the 13th version of PIFF promises more variety, more movies and greater insight and entertainment into the international cinematic world.”

Naiknavare developers has been one of key real estate developers in the region and has been delivering projects for over a decade with a philosophy of doing a service to the industry that helps in designing and delivering a better life to investors who lay their trust and belief in the group. Over time the group has worked on projects like schools, hospitals, residential apartments and commercial spaces that have indeed withstood the test of time.

Types of buyers and residential project offering in Pune

The Spires - Aundh

Owing to steady growth in the IT sector, the city of Pune has also stood as a witness to rapid growth of construction in the region. Owing to good opportunities in the IT sector, migrants from all over the country land-up in search of better job prospects and opportunities. A resent statistic has revealed that  Pune has only about 20% of homes that are occupied by original owners, whereas a majority of about 55% are investors who intend on leasing out their apartment.  A third category of people has also been identified in the Long Term Appreciation investors who would not lease out their property but would wait for the right time for sale when the prices would go up.

Be it an investor or an individual buyer who has been planning to relocate, its important to have some vital bit of information while going for a residential projects in Pune or looking out for luxury apartments in Pune  Going for a property like a Villa or Bungalow in Pune shall give you a complete right over the property, and right from its maintainence to taxation, you would be liable to look after. While looking for housing society residential projects in Pune you need to understand its three types - Tenant Ownership Housing Societies, Tenant Co-Partnership Housing Societies, and Other Housing Societies

• Tenant Ownership Housing Societies – This type primarily refers to housing societies where land may be held either on leasehold, or on freehold basis by societies and houses that are owned or shall be owned by members. The decision making right lies with the owner of the land who has been legally mentioned on leasehold, freehold, ownership of building document. The decision shall be vested in the interest of individual members.
• Tenant Co-Partnership Housing Societies - These are societies are based on land that is bound by ownership or is on lease and has constructed flats thereon for the benefit of members who occupy them. Its members hold a right to building and property based on right to occupancy which right is transferable by transfer of shares to other members in accordance with the provisions of the Act.
• Other Housing Societies – These type of society are also known as house mortgage societies, or house construction societies. House mortgage comes with an objective of advancing loans to the members and to its society members for development of security on land and houses.

Town Square by Naiknavare Offers One of Best Commercial Spaces in Viman Nagar, Pune

The city of Pune, the second largest city of Maharashtra is well known for world class educational institutes, local culture, automobile plants and booming IT sector. The Naiknavare Developers is the name that you may come across while looking for trustworthy projects from renowned developers in Pune. The projects undertaken by the group are said to be based on strong fundamentals and vision that ensures that it withstands the test of time, be it construction of schools, hotels, homes, commercial spaces or business establishments.

While searching for commercial properties in Pune you may have come across the Town square project from Naiknavare Developers located at Viman Nagar area in Pune. Viman Nagar being strategically located at just about 6 kms distance from Pune’s railway station and half a kilometre from the military’s air strip brings functionally lucrative offers to customers looking to invest in commercial properties in Pune. Moreover, Pune‘s only international and domestic air strips has been a center of attraction for developers looking for commercial properties in Pune. It is said that prior to Independence the area had been known as Dunkirk Lines.


The Town Square project by Naiknavare Developers located in Viman Nagar shall emerge as one of the strongest commercial properties in Pune. Naiknavare developers in Pune oppose the idea for a glitzy 'Mall Model' and rather choose to use world renowned Australian and European models. Professionals and investors who have been looking for investment in commercial projects in Pune have now one lesser reason to complain about. The Town Square has been smartly deigned to give you more space and deliver an ideal mix of brands that gives users more option to choose from.

The Town Square project by Naiknavare developers boasts of modern amenities like 4 Automatic lifts, ample visitor parking space, Central CCTV system for security, 100% DG power supply backup for Offices and common area, Wi-Fi internet for visitors, and Fire Hydrant & Fire Fighting Systems with Sprinkler & Smoke detector System. Naiknavare group has further added up the style quotient of Town Square with a well decorated main entrance lobby. Post the mania for apartments in Pune, developers in Pune are now venturing into development of commercial properties in Pune region. The Naiknavare developers has been a well known brand here who has been known for their contribution in 1, 2 and 3 BHK apartment, but this time around the brand shall also be a known name among commercial properties in Pune.

Find a Commercial Property on the Urbanized Belt of Pune

Viman Nagar has got its name from the air force station present in the area. Located near Lohegaon airport, the place offers much-improved road network, good public transport and can be easily reached from the airport as well as the railway station.

With the progressive development going on at Nagar Road, the entire stretch from Viman Nagar to Wagholi has witnessed the substantial growth in residential, commercial and retail sector. Initially, the real estate in Pune at Viman Nagar was looked as a prospective location due to its close proximity to premium neighbourhood Kalyani Nagar and Koregaon Park. However the arrival of IT sector in the vicinity has become the main USP of this area today.

The IT segment and multinational service industries has attracted many investors to this part of town. Development of residential and commercial infrastructure over the years has now made Viman Nagar, one of the most preferred areas for the migrated software professionals. Good connectivity and public transport have played a major role in the drastic development on this belt.

The Nagar road has been widened to six lanes. Also, the area is proposed to be a tangent to the ring road which will be planned to surround the city. Numerous such developments have enhanced the real estate in Pune from Viman Nagar to Wagholi. With more infrastructure projects in the pipeline, the area is set to be one of the most preferred residential and commercial options in the city.

Commercial Property in Viman Nagar Pune – Town Square Shopping Center 

Town Square Shopping Centre offers commercial office space in Pune at Viman Nagar. This commercial project is developed by Naiknavare Developer’s Pvt Ltd - one of the trusted and popular developers in Pune. It is a perfect place for retailers and business professionals, who haven’t so far found the right commercial property to establish their business at this fostered belt of Pune.