My Uncle wants to take loan for his Son who wants to become doctor My Uncle's Wife is a Teacher She has good income but my Uncle doesn't have fixed income My Uncle is considering to make Gauranteer His Wife who has good income i want to know who should take the loan Uncle or Aunt who will get tax benefit and under which section of Income Tax. Loan Amount: 50-55 Lakh. Please Help. Thank You.
deduction under 80 E can be availed on the interest paid for loan taken towards higher studies. however the tax payer needs to furnish the certificate from the bank from where loan is taken. Since the uncle's wife has having good income it's better to take loan in her name as she can avail tax benefit with no limit. Refer section 80 E for more details.
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