I own a property (flat) in Navi Mumbai which is rented and I am payong IT on the income. The loan on this property is finished.
I have booked another under construction property in Navi Mumbai (joint name of myself and spouse) for which possession is expected in December 12 or January 13. I am not getting any rebate on IT for this on home loan as possession is not given and I will claim as soon as I get it..
I am purchasinh another property (flat) jointly with my father at my native place. I am posted in Mumbai and my parents will reside in that flat. We are taking a joint loan (me, my spouse and father). Spouse name is included for home loan to enhance the eligibility though she does not own the property.
Now my queries.
(i) What will be the tax structure as property at home town will be occupied by my father (50% owner)?
(ii) One property ay Navi mumbai is rented and other will be rented after possession.
(iii) Can I show home town property as self occupied?
(iv) After purchasing the home town flat, my father is planning to sell our old house in native place and ulilise the money in partial payment of home loan. What will be his tax implications? He is retired and senior citizen (75 yrs old).
Please guide me so that I can save maximum tax and things are clear.
Thanx in advance