19 January 2011
There is a major son who has taken loan from a financial institution for higher studies. Now the interest payment is being made by the fathers tax file. Can he get deduction?
19 January 2011
If the son has taken the loan, only he can get the IT benefit & that too, only if he himself pays the interest amount out of his taxable income.
19 January 2011
Father would have got the IT benefit as he is paying the interest , but the condition is : Loan should have been taken in the name of father.
So.. conclusion.....
Neither the son nor the father can claim the IT benefit in the above situation.
CAclubindia
