Dear Mendki
As it is basic query reply is already there in my first post. You may refer it again. You may talk with bank also.
Deduction of interest under 80E is allowed to the
individual who has taken loan (first
applicant) and if repayment is made through
income chargeable to tax "
Your son being primary applicant, he is
supposed to make EMI payment out of his
income chargeable to tax.
As EMIs paid by you, it will be considered you
paid on behalf of your son which is in the form of
a gift indirectly to your son.
You will require a certificate from a bank for EMI's paid during the year and break up interest portion and principal amount portion.
But I think bank will give such certificate in the name of primary applicant (may be with co-applicant Name.)
Here there may arise trouble in getting 80E conditions being satisfied.
Here the Primary applicant (student son) is
borrower as far as loan is concerned.
You may take a chance but in my view, it appears you may not be qualified to take deduction under 80E
@ mendki
your son is the primary applicant.
you cannot get benefit of tax deduction unless you get a self declaration from your son is not earning and has a Pan no.
Then there is a bleak possibility otherwise not.
CAclubindia
