POSTED BY July 27, 2014 1:53 am COMMENTS (2)ON
Me and my father had taken a Joint home loan for construction of our house in Kolhapur Maharashtra from LIC HSG Finance in March 2007 ,my father was applicant since he owned the land & me as Co applicant. I was paying the full EMI and availing the Tax benefit for same.
We had closed this home loan in Nov 2011.The property is owned by my father and currently my parents are staying in it. I do not show any income from this property now.
I took my 2nd home loan from LIC HSG to buy a flat in Pune in Sept 2010. This loan is currently running and the property is let out. This property is owned by me and I show the rental income in my income tax filling.
I am planning to take the 3 rd home loan now in Bangalore to buy a flat. I will be staying in this house. Can I claim the tax benefit for the 3rd property. ?
What are the tax implication for me on all above properties.