I have a situation with following 3 properties and would like to know what's the best way to claim tax benefit.
House 1
Parent's house where I currently live and clain HRA benefit
Location : Delhi
House 2
Joint ownership ( with Wife)
Location: Delhi
Posession received Dec 2012
Currently vacant. Not let out
On joint loan of 10 lacs. I pay all the EMIs
Loan ongoing from last 2 years, but could not claim section 24 benefit as construction was going on.
House 3
Joint ownership ( with Wife)
Location: Gurgaon
Completion certificate received Dec 2012
Currently vacant. Not let out
On joint loan of 50 lacs.I pay all the EMIs
Loan ongoing from last 2 years, but could not claim section 24 benefit as construction was going on
What is the best way to claim maximum tax benefits
1) HRA ?
2) Section 24 1st property - upto 1.5 lac interest deduction
3) Section 24 2nd property - Unlimited interest deduction
4) If I claim HOuse 2 as primary, does the pre EMI divided by 5, added to 1.5 lac limit?
5) Does it have wealth tax implications. If yes. who among me and wife need to pay wealth tax ? and in what proportion?
6) Any other ?
Thanks,
Samuel
CAclubindia
