House property & home loan
This query is : Resolved
06 July 2013
Dear Experts... Please note the following:-
Assessee has 3 Houses:
House-1: In assessee's name - Vacant
House-2: In Wife's name - Used by Assessee
House-3: In Assessee+Wife+Son's Joint Name - Used by Wife & son of assessee (in other city)
Now assessee wants to sell House-1 and utilize whole proceeds in paying the Home Loan of House 3.
All sells are Long Term.
What are tax implications.
Assessee has 3 Houses:
House-1: In assessee's name - Vacant
House-2: In Wife's name - Used by Assessee
House-3: In Assessee+Wife+Son's Joint Name - Used by Wife & son of assessee (in other city)
Now assessee wants to sell House-1 and utilize whole proceeds in paying the Home Loan of House 3.
All sells are Long Term.
What are tax implications.
06 July 2013
LTCG WILL BE TAXABLE AS NO DEDUCTION IS ALLOWED.
Out of remaining 2 house one will be deemed to be let out property.
Out of remaining 2 house one will be deemed to be let out property.
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