I have a separate /home partition for ubuntu, which i want to delete and create a new partition out of it, which i will share between ubuntu and windows.
Not possible. /home MUST be posix compliant: so it needs to be ext2, 3 or 4. Windows is not posix compliant. You can only set permissions when mounting NTFS and everything then is set to that user and group. /home/ has more than 1 owner for files so that makes NTFS unusable. Linux will refuse to work with a /home that is NTFS.
Also: Never delete /home/: you create a point of no return and you should always avoid those. A /home/ is best placed on the SAME DISK as /. Otherwise it might end up NOT mounting during boot and you'll have more problems than needed
Please create a new mount point (and that new mount point can be NTFS so you can share it with Windows) and then edit ~./config/users-dirs.dirs to use that mount point; the list of directories can be on any if the mayor filesystems. All of this can be created before copying (not moving) files from /home/ to the new mount point and all you need to move are the normal directories; not the hidden files in /home/.
After you are confident this went well you can remove the directories in /home/.