An education loan (in instalments) was taken in the name of my SON & ME for his higher education (MS), from the month of July 2007 (from Bank of Baroda). Now the education of my son has been completed & he is searching for job in USA.
In the meantime I have started repaying of loan & have already deposited lumpsum of Rs 60,000/- from my own savings & also planning to start, repayment of monthly instalments of loan, from Jan 2010.
My questions are,
1) am I eligible to take benefit of income tax for repayment of loan under section 80E?.
2) I am expecting my son’s employment in near future, can I still enjoy the tax benefit even after employment of my son in USA?
CAclubindia
