Dear Members,
I have a house on my name and paying a loan and taking tax exemption on interest of loan.
After death of my father, i am receiving rent on my name from my father family property (commercial property) which i am showing in ITR-2 as my house property and showing the rent as my income. The property is still in my family name (Father and 3 brother)
Now i have a situation where I am buying new property (plot) after sell of my father residential home (TDS deducted by buyer). Will this property be treated as third property and I will not be able to claim any tax exemption if I take loan?
CAclubindia
