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