Hi All,
I have taken a loan for my borther for higher studies and he is dependednt on me. but the act says "legal guardian"..
Can anyone say what does this stands for and can i claim the installment and interest on loan taken for my brother which is in his name and not mine.
[Deduction in respect of interest on loan taken for higher education.
80E. (1) In computing the total income of an assessee, being an individual, there shall be deducted, in accordance with and subject to the provisions of this section, any amount paid by him in the previous year, out of his income chargeable to tax, by way of interest on loan taken by him from any financial institution or any approved charitable institution for the purpose of pursuing his higher education [or for the purpose of higher education of his relative].
[(e) “relative”, in relation to an individual, means the spouse and children of that individual or the student for whom the individual is the legal guardian.]
CAclubindia
