My query is with regards to sharing of Home Loan Interest & Principal repayment deductions under Income Tax.
Me & my wife had bought a flat (we are joint owner and joint borrower), for which we had been claiming Interest and Deductions as 50-50 share each until now.
Recently she has stopped working and hence does not have any income.
All the EMI's till date have been paid by my own individual salary account.
I am planning to claim 100% of principal and interest from this year onwards as she has no income to sustain EMI.
Is there any rule which denies the same?
Is change in claim percentage denied by any law?
Will it be illegal to change claim from 50-50 to 100%?
CAclubindia
