Hi,
I have a query regarding deuction u/s 80Eof interest on educational loan.
Suppose, I have taken an educational loan in my name for my higher studies & my father is the guarantor.
The EMI is paid from a joint bank account, which is held by myself & my father
Kindly tell me if the interest deduction can be taken by both me & my father propotionately or only by me???
Only interest paid on an educational loan is allowed as deduction u/s. 80E of The Income Tax Act, 1961, out of his/her income chargeable to tax i.e. Deduction will be allowed only when actual interest is paid.
hence it will be allowed to person has taken the loan i.e. to son
since the loan is in your name, only you can claim the deduction
thnx for your replies Aditya & Pooja.
But i am confused because the loan is guaranteed by the father, so will it make any difference.
CAclubindia
