I have taken education loan along with my father as co-borrower.
My question is - Can my father claim exemption against the loan in section 80E as he is co-borrower in which EMIs were paid by me on monthly basis and my father transferred all that amount to me in my bank account at once during that same year.
Yes. Your father can claim deduction of the interest paid on the education loan borrowed. But it's recommended to get EMI's debited from your father account directly instead of him transferring it to your account first and then you paying it monthly. Because in case any query arises in future, it will be easy to justify else it might lead to lot of confusions.
Boutique Investment Bank & Transaction Advisory Firm
Gurgaon
CA
View Details
CAclubindia
