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Thread: Tax benefits on the interest of the loan?

  1. #1
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    Question Tax benefits on the interest of the loan?

    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?




  2. #2
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    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.
    Amit
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  3. #3
    PW Fan tigershark's Avatar
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    Quote Originally Posted by Abbas View Post
    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?
    You can only claim the benefit, if you would have taken the loan jointly with your father.

  4. #4
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    As the Education loan is on the name of your Father so, the tax benefits will get if he is not retired and if he pays the loan. But as you mentioned you are paying the loan. so you cannot get any claim on the loan.


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