Query in 80E deduction: Interest on Education Loan deduction

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This discussion explores eligibility for the Section 80E deduction on education loan interest when EMIs are paid from a joint savings account. While the loan is in the individual's name, the account is jointly held with their mother. The consensus is that as long as the loan is for the assessee's own studies, interest paid from a joint account where they are a holder should be eligible for deduction.

Shreya Ghosh

Shreya Ghosh (Querist)
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15 July 2021 I have a education loan with Bank of Baroda. The savings account linked to this bank is a joint account where I am a secondary holder and my mother is the primary account holder.

If I make EMI repayment from this account, will I be eligible for 80E deduction?

Note: The loan is on my name.
Also, I tried for an ECS from my salary account in HDFC but the bank is refusing that and advising to make payment through BOB savings joint account, so I will be transferring from salary account to BOB account.

CMA Poornima Madhava

CMA Poornima Madhava (Expert)
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15 July 2021 Since you are also holder of that account, payments can be made from the same account i think

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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15 July 2021 No, an education loan taken on behalf of your spouse, children, adopted children, student for whom the taxpayer is the legal guardian are applicable for deduction under section 80E.