Exclusive HOLI Discounts!
Get Courses and Combos at Upto 50% OFF!
Upgrad
LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Haranath (Manager)     04 September 2013

Can my wife repay education loan?

 

I have taken education loan for my son higher education in US. Myself and my son have signed agreement with SBI. Now I have stopped working, can my wife repay the loan by regular payment of EMI and claim tax benefit under Sec 80E ? If this is not possible can I now include her as per of the bank agreement by amending ? Or can anyone suggest best way?


Learning

 2 Replies

Kolla Gangadhar (Practicing Advocate since 1986)     05 September 2013

Your wife can pay education loan of your son and claim exemption under I.T. Act, if it is not possible you enter fresh agreement with Bank put her name in your place.

Ashwani Joshi (Advocate)     10 September 2013

Yes , your wife can repay education loan taken by both of you jointly  by some possible and viable and legal  arrangement with the bank, but please be informed that the whole of EMI is not eligible for rebate under section 80E. Its only the interest portion that qualifies for deduction from total income. 


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register