dhanashree (article) (97 Points)
28 September 2009a housing loan has been taken on a house property and the same has to be mortgaged for taking educational loan. if the loan is repaid fully rt nw...and then the h.p. is mortgaged, will the assessee get any benefit for I.T.
PLS HELP ME SOON.......... its a urgency..............
Sunil
(Trader)
(2611 Points)
Replied 28 September 2009
If the housing loan is repaid there are no further benefits of loss from house property or section 80C rebate. However, for the educational loan, even if you re mortgage your encumberance free property for the educational loan, the benefit of educational loan interest payments etc. can be availed only by the person availing the educational loan, even if the ownerof the house (normally parents) have offered the house as a colateral. Please ensure that educational loan is taken in the name of the student.
CAclubindia
