Me and my wife are co-owners in house property and also co-borrowers for home loan. For her income tax deductions, my wife shows entire principal amount under 80C and the max allowed 2lakh interest amount under the relevant section. There is still some interest amount pending as the interest component in more than 2lakhs. My query is can I consider and show this remaining amount from interest component for my income tax deductions?
Tax Benefits in case of joint home loan can be availed based on the % of ownership you and your wife jointly holding. Suppose the property is owned by you both with the equal share (each 50%), then the tax benefits on interest and principal payment tax benefits should be shared according to the sharing of the ownership but not one person alone fully.