Huf

abhishek agrawal (Querist) 05 January 2014 This query is : Resolved
Dear Sir,
Myself, my wife and my father are in govt. services and are earning Rs.40000 each.
We have two home loans
First home is in the name of myself and my wife for which we are paying 12500 each i.e., 25000 as emi.

Second home is in the name of Myself, my wife and my father for which we are paying 9000 each i.e., 27000 as emi.

Myself and my wife are enjoying tax benefits on our first home.

My father is having tax benefits for the second home we bought.

I am planning to form HUF.

Query is -

1 Who should be karta for max tax benefits.

2 For the second home, to get maximum tax benefits, do we 3 need to transfer that home in the name of huf ?

3 If yes, than what is the procedure.

Thank you so much, waiting for your kind response

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Advocate M.Bhadra (Expert) 05 January 2014
You should better to send your query to CACLUBINDIA :http://www.caclubindia.com

abhishek agrawal (Querist) 05 January 2014
ok i am doing as u mentioned..

But please if you may advise me

BAALASUBRAMANNYAMM (Expert) 06 January 2014
if you requires exact opinion, it is better to place before www.caclubindia.com

T. Kalaiselvan, Advocate Online

(Expert) 06 January 2014
Hope the experts have opined correctly

Dr J C Vashista (Expert) 07 January 2014
Engage a local lawyer

abhishek agrawal (Querist) 07 January 2014
Dear sir,

Nobody is answering on CACLUBINDIA.COM

R.K Nanda (Expert) 07 January 2014
consult tax lawyer.

ajay sethi (Expert) 07 January 2014
your CA will guide you

Rajendra K Goyal (Expert) 07 January 2014
Contact your tax consultant and get the tax calculated on various angles and move.

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