Home Loan Tax Tip
Change proportions of claiming tax deduction benefits
Author Name :
Friday,10th August 2007
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Can we share the benefit of interest deductibility and tax rebate on capital repayment in different proportions? Say the entire interest is deductible in the husband’s return and the entire capital repayment is used for calculating tax rebate in the wife’s return?
No. Each tax benefit has to be shared in proportion to each party’s share in the loan.
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