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House property & home loan

This query is : Resolved 
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(Querist)
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.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
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.
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