Deduction of Education loan
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 June 2010
Bank has advanced Education loan to My son ( ABC S/O DEF). I ( DEF) is paying the instalments to bank in the account of ABC.
Is the Deduction of Intt on Education Loan is permisible to Me ( DEF)
Is the Deduction of Intt on Education Loan is permisible to Me ( DEF)
21 June 2010
NO.
Eduction loan should be taken by Assessee.
If loan taken by son (and not by his parent for higher studies of his child) and repayment made by father, father will not be eligible for 80E deduction.
Eduction loan should be taken by Assessee.
If loan taken by son (and not by his parent for higher studies of his child) and repayment made by father, father will not be eligible for 80E deduction.
21 June 2010
agree
21 June 2010
No, Dear Sanjay
With effect from AY-2010-11 the provision has changed even for spouse, child, relatives can be claimed
With effect from AY-2010-11 the provision has changed even for spouse, child, relatives can be claimed
21 June 2010
if father has taken loan for his son than that interest is allowed as deduction but here son has taken the loan in its name and father is paying the interest so its not allowed.
21 June 2010
Ramesh Ji,
The section uses the word Loan taken by assessee for the purpose of pursuing his higher education or for the purpose of higher education of his/ her spouse or children. Here loan is taken by son and repayment made by father. If father had taken the loan for higher studies of his son then this repayment would have qualified for deduction. May be i am not update with new changes can you please throw some light on this.
Regards
The section uses the word Loan taken by assessee for the purpose of pursuing his higher education or for the purpose of higher education of his/ her spouse or children. Here loan is taken by son and repayment made by father. If father had taken the loan for higher studies of his son then this repayment would have qualified for deduction. May be i am not update with new changes can you please throw some light on this.
Regards
21 June 2010
Agree your Point Mr.Sanjay, since the section is clear the loan taken by the tax payer only but purpose only for all, so for claiming deduction the tax payer has to take the loan on his account.in this case son can claim the deduction. sorry for my previous reply
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