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Change proportions of claiming tax deduction benefits

Change proportions of claiming tax deduction benefits

Apnaloan.com Research Bureau

10 Aug 2007

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' return?

No. Each tax benefit has to be shared in proportion to each party's share in the loan.

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