Who should be Karta of HUF for maximum benefits ?

POSTED BY luckyr18 ON January 6, 2014 8:59 am COMMENTS (11)

Dear Sir,

Myself, my wife and my father are in govt. services and are earning Rs.40000 each. We have two home loans. First home is in the name of myself and my wife for which we are paying 12500 each i.e., 25000 as emi.

Second home is in the name of Myself, my wife and my father for which we are paying 9000 each i.e., 27000 as emi.

Myself and my wife are enjoying tax benefits on our first home.

My father is having tax benefits for the second home we bought.

I am planning to form HUF.

Query is –

1 Who should be karta for max tax benefits.

2 For the second home, to get maximum tax benefits, do we 3 need to transfer that home in the name of huf ?

3 If yes, than what is the procedure.

Thank you so much, waiting for your kind response

11 replies on this article “Who should be Karta of HUF for maximum benefits ?”

  1. ashalanshu says:
    February 9, 2014 at 5:11 am

    Dear Lucky, thanks for the updaye.

    Thanks

    Ashal

    Reply
  2. luckyr18 says:
    February 8, 2014 at 10:37 pm

    Thanks Ashal,

    thats why i forced my builder to provide possession before march 2014. Now i m happy that me and my wife will get rebate for the interest i paid in this year that is 79000/- each.

    Thanks

    Reply
  3. ashalanshu says:
    January 31, 2014 at 12:21 pm

    Dear Lucky, if the possession hapens in March 2014, the interest paid by you in current FY ‘ll be available to you for this FY itself.

    Thanks

    Ashal

    Reply
  4. luckyr18 says:
    January 30, 2014 at 5:40 pm

    Ok lets forget about huf..

    Ijust want to know tax rules for the two homes i bought..

    1 more question is that please tell me..

    My first house will have possession in march 2014.. Can i get rebate on interest and principal for the fnancial year 2013-2014.

    Reply
  5. ashalanshu says:
    January 14, 2014 at 12:30 pm

    Dear Lucky, you did not answer my query. How ‘ll you transfer the house to HUF and from where did you get the info that 1.5L Rs. interest benefit for each house is available? As you said, you read it somewhere, please try to locate the info. I’m concentrating it for the fact that it’s a wrong info with you. For better understanding, please read similar past queries (2 or more than 2 house properties) here in the forum.

    thanks

    Ashal

    Reply
  6. luckyr18 says:
    January 14, 2014 at 7:46 am

    i read it somewhere, thats why i am interested to know what to do..?

    Please help .

    Reply
  7. ashalanshu says:
    January 14, 2014 at 2:17 am

    Dear Lucky, how you people are planning to transfer the 2nd house to HUF? who told you that for every house the limit of interest benefit is 1.5L Rs. for an individual?

    thanks

    Ashal

    Reply
  8. luckyr18 says:
    January 13, 2014 at 11:05 pm

    I have read that.. interest rebate of 1,50,000 by a person can be taken separately for both individual home and huf,s home

    Reply
  9. ashalanshu says:
    January 13, 2014 at 10:25 pm

    Dear Lucky, how this HUF thing’ll help to cut back your Taxes? Please elaborate.

    Thanks

    Ashal

    Reply
  10. luckyr18 says:
    January 13, 2014 at 10:22 pm

    Me and my wife reside at the first property, while my father and mother reside at second poperty.

    Reply
  11. ashalanshu says:
    January 12, 2014 at 9:20 pm

    Dear Lucky, out of the 2 properties, which one is on rent and which one self occupied?

    Thanks

    Ashal

    Reply

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