Hi all,
I have a question and need some inputs from you all.
This is my first IP. Currently it is under joint name as husband and wife (not settle yet but the settlement will be around end of nevember or early december as it is new building).
Regarding the tax deduction under joint name, can I put it 95% and 5% as the the husband income is greater than the wife income?
I heard that if we want it to devide the tax deduction as 95% and %5, we need to make a will as if something happen to one of us, the other portion will not go straight into the other partner. but if it is under joint name as husband and wife, if something happen to one of us, the other portion will go straight to the partner.
Is that true?
And if it is under joint name as husband and wife, is the tax deduction usually devided as 50% each? or is it calculated as total income of husband + wife - tax deduction? or can I put it as 95% and 5%?
Thanks all, I will be waiting for some inputs from you all.
Cheers,
Chara
I have a question and need some inputs from you all.
This is my first IP. Currently it is under joint name as husband and wife (not settle yet but the settlement will be around end of nevember or early december as it is new building).
Regarding the tax deduction under joint name, can I put it 95% and 5% as the the husband income is greater than the wife income?
I heard that if we want it to devide the tax deduction as 95% and %5, we need to make a will as if something happen to one of us, the other portion will not go straight into the other partner. but if it is under joint name as husband and wife, if something happen to one of us, the other portion will go straight to the partner.
Is that true?
And if it is under joint name as husband and wife, is the tax deduction usually devided as 50% each? or is it calculated as total income of husband + wife - tax deduction? or can I put it as 95% and 5%?
Thanks all, I will be waiting for some inputs from you all.
Cheers,
Chara