I am a Govt employee drawing approx Rs 25,000/- per month. In 2002 i had availed a home loan of amount Rs 5,50,000/- and the EMI being deducted is approx Rs 6000/- per month. The house is on my name and i have been claiming the income tax benefits pertaining to the home loan. I want to avail another home loan of approx 15 Lakhs now. Is it possible for me to claim income tax benefits on the new housing loan. If yes, then what should be the disposal of the first house. Is it also possible to transfer the house on to my father's name, so that he pays the EMI and the quantum of loan to be alloted by me is increased. What other formalities/course of action should i take so that i can avail tax benefits of the second loan??
