% of home loan declarations

Tax planning 332 views 1 replies

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

or

it applied to only on interest?

Replies (1)
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.


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