Query in 80E deduction: Interest on Education Loan deduction
This query is : Open
15 July 2021
I have a education loan with Bank of Baroda. The savings account linked to this bank is a joint account where I am a secondary holder and my mother is the primary account holder.
If I make EMI repayment from this account, will I be eligible for 80E deduction?
Note: The loan is on my name.
Also, I tried for an ECS from my salary account in HDFC but the bank is refusing that and advising to make payment through BOB savings joint account, so I will be transferring from salary account to BOB account.
If I make EMI repayment from this account, will I be eligible for 80E deduction?
Note: The loan is on my name.
Also, I tried for an ECS from my salary account in HDFC but the bank is refusing that and advising to make payment through BOB savings joint account, so I will be transferring from salary account to BOB account.
15 July 2021
Since you are also holder of that account, payments can be made from the same account i think
15 July 2021
No, an education loan taken on behalf of your spouse, children, adopted children, student for whom the taxpayer is the legal guardian are applicable for deduction under section 80E.
16 July 2021
u/s 80E deduction is allowed for interest on education loan taken for own studies of assessee as well.
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