![]() During the year ended, the total interest paid out of the 12 instalments ( the last one being paid on ) amounts to $120,000. The dwelling was acquired 3 years ago, financed by a mortgage loan from a bank which is repayable by monthly instalments on the 5th day of each month over a 15-year period. Mr A wholly owns a dwelling which is exclusively used as his place of residence. Scenario 1: Sole-owned dwelling exclusively used as residence throughout the year The number of years that he can claim deduction as from the year of assessment 2012/13 Scenario 20 : Taxpayer had already got 8 years of home loan interest deduction during the years of assessment 1998/99 -2011/12.How to claim his/her further deduction which effective from 2012/13 Scenario 19 : During the years of assessment from 1998/99 to 2011/12, the taxpayer has claimed deduction of home loan interest for 10 years.The developer granted him / her a mortgage loan and remained as the registered owner of the property before the loan was fully repaid. Scenario 18 : Taxpayer signed a Provisional Sales & Purchase Agreement with the developer to acquire a property for dwelling. ![]() Scenario 17 : Home loan interest to be deducted from a married person's total income under personal assessment.Scenario 16 : Home loan interest to be deducted from a single person's total income under personal assessment.Scenario 15 : Income from employment less than the total of home loan interest and personal allowances - home loan interest transferable to taxable spouse through election of joint assessment.Scenario 14 : Property owned jointly by a married couple and each of them has employment income exceeding their respective personal allowances and home loan interest paid.Scenario 13 : Taxpayer is single and his income from employment is less than personal allowances.Scenario 12 : Income from employment less than the aggregate of personal allowances and home loan interest.Scenario 11 : Income from employment exceeds the aggregate of personal allowances and home loan interest.Scenario 10 : Two loans with overlapping period.Scenario 9 : Change of dwelling during the year - 2 mortgage loans executed.Scenario 8 : Re-mortgage of dwelling - loan applied wholly for other purposes.Scenario 7 : Mortgage loan not applied wholly for acquisition of the dwelling.Scenario 6 : Dwelling owned by tenants in common.Scenario 5 : Dwelling owned by joint tenants - mortgage loan executed in joint tenants' names - exclusively used by the joint tenants as residence. ![]()
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