deduction under chapter VI A

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Paras Ruthla (Querist)
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19 January 2011 There is a major son who has taken loan from a financial institution for higher studies. Now the interest payment is being made by the fathers tax file. Can he get deduction?

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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19 January 2011 If the son has taken the loan, only he can get the IT benefit & that too, only if he himself pays the interest amount out of his taxable income.

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CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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19 January 2011 Father would have got the IT benefit as he is paying the interest , but the condition is : Loan should have been taken in the name of father.

So.. conclusion.....

Neither the son nor the father can claim the IT benefit in the above situation.

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CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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24 February 2011 ***********************

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