18 July 2016
If the student is the borrower and the father is the co borrower or co applicant ,would it be possible for the mother to claim 80e deduction since she would make the repayment out of her income chargeable to tax?
Would it be necessary for the mother to be a co applicant and should her name appear on the interest statement obtained from the bank or would it be enough if she made the repayments from her own income chargeable to tax.(mother is working).
Please answer urgently .there is not much time left for loan and visa processing
19 July 2016
Dear Hinduja,
Why did the mother not become the co applicant in the first place? it would've been much easier to claim deduction. if, however, the same is not possible within the given time frame, go ahead! Claim the deduction in the mother's return. Sec 80E allows deduction of interest on education loan paid by parents. hence she can claim deduction. however, the student should have cleared his secondary education from a government recognised institution.( Board Exam)
CAclubindia
