% of home loan declarations

Tax planning 294 views 1 replies

Suhas

Senior Software Engineer

32 Points Joined July 2014

I am home loan payer. its a joint home loan with my Wife

want to clarify my doubt.

as we can declare % of home loan paid in tax declarations.

suppose I declared 70% in my tax declartions then is it applied for both Principal & Interest

it applied to only on interest?

Replies (1)

Tribhuvan Aditya Singh

Student as well as Self-employed

3710 Points Joined September 2007

it is not always necessary that 70% includes both principal nd intt.... if you pay 70% of principal portion and 100% of intt portion, then you will be allowed deduction accordingly for this amt paid and your wife will get deduction of 30% principal repayment only.