I purchased a house property jointly with my father on 26th March 2012 for Rs. 4000000/- by raising a housing loan of Rs 3000000/- jointly. Father being retired person could not serve the loan and hence I paid entire loan EMI from my salary account.
My father sold an old house (solely in his name) for Rs. 2900000/- on 20th March 2013 (within one year of purchase of new house) and used the sale money to pay the balance house loan (Aprrox. 2600000/-) and finished the loan.
The old house land was purchased in 1976 for Rs. 4000/- total. The house was constructed in steps, i.e. Rs. 40000/- in 1984, Rs. 80000/- in 1995, Rs. 150000/- in 1998 and Rs. 50000/- in 2004. We do not have receipts for the same.
Please help with following.
(i) Can I take rebate under sec 24 for interest on loan which has been served entirely by me.
(ii) How the LTCG will be calculated? Can my father take the benefit of LTCG which has been used to repay the entire loan?
Thanx in advance,