Education Loan
This query is : Resolved
17 October 2008
I took an education loan for my higher studies on my name and my wife was gaurantor for that. I started the repayment of the loan but within 2-3 months, I moved abroad on work permit.
My wife is working in India and paying the EMI of my education loan. Can she claim the income tax exemption under section 80E for the interest payment??
Or is that not possible because the loan is on my name??
My wife is working in India and paying the EMI of my education loan. Can she claim the income tax exemption under section 80E for the interest payment??
Or is that not possible because the loan is on my name??
17 October 2008
She is not eligible u/s 80E.
23 October 2008
hey one thing we can say ya....since she is the Guarentor for the loan. we can claim interest saying that he has not paid loan(default) so i (wife)am paying the interest. but me too having a doubt whether principle payment can be allowable to the Guarenteed person who made payment in place of default person.
24 October 2008
Is there any income tax expert in this club who can comment on this? So that I can take that as final one.
15 November 2008
No, she is not eligible u/s 80E. It is clearly mentioned in section 80E that the interest on loan for his own higher education. so you are the only person who can claim this exeption.
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