My Father took education loan for the study of my brother. Now my father got retired, so I am paying the loan EMI. Can I avail and tax benefits on the interest of the loan?
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My Father took education loan for the study of my brother. Now my father got retired, so I am paying the loan EMI. Can I avail and tax benefits on the interest of the loan?
No, you can't claim the benefit. You can claim only If you have taken the education loan in your name, you can claim deduction under Section 80E of the Income Tax Act. You will get a tax benefit on the interest you pay.
You can only claim the benefit, if you would have taken the loan jointly with your father.Quote:
Originally Posted by Abbas