18 August 2010
yES, HE CAN CLAIM EXEMPTIN FOR BOTH INTERST PAID ON EDUCATION LOAN WILL BE ALLOWED U/S 80E. TUTION FEE DEUDCTION WILL BE ALLOWED U/S 80 C.
Loan should be in the name of Individual: - Deductions on education loan can only be claimed if the loan has been taken in your own name. If your parents, spouse or sibling has taken the loan for your studies, then you are not entitled to get tax benefit.
18 August 2010
Tax benefit will start only when the repayment of loan starts & as I said the loan should be in the individual's name only to claim the benefit.
18 August 2010
its doesn't matter who is paying but make sure for whom the bank is paying to get benefit of both section. yes you can claim 80C (principle) & 80E (interest)whatever it doesn't matter..
CAclubindia
