One of my friend has availed education loan for the higher studies of his son. The loan has been applied jointly by my friend and his wife.
Neither he nor his wife has filed the IT return for the F.Y 2015 - 16 and 16 - 17 and now they want to file it.
The issue is that, though the education loan for his son has been availed, with his wife as Co-Applicant, the entire Interest amount on the said loan has been paid by my friend from his bank account only. As such, can he avail 100% rebate by himself to the extent of the interest amount paid on loan or is he eligible only for the 50% of the total interest paid each year, while the rest can be claimed by his wife ?
CAclubindia
