#1  
15th April 2015, 08:01 PM
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Can I get Tax Deduction if taking Education Loan of Rs. 3,50,000 Lacs?


Hello Sir,
I am taking Education Loan of Rs. 3,50,000.
My father is a guarantor and he is an employee.
He pay the interest of the Loan amount.
But the amount of Tax is huge.
So, is there any way of deduction in Tax?





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  #2  
30th April 2015, 06:40 PM
SudeepKumarSaha
Senior Member+++++
 
Join Date: Dec 2013
Location: India
Posts: 8,583
Default Re: Can I get Tax Deduction if taking Education Loan of Rs. 3,50,000 Lacs?

Yes, your father will definitely get a tax deduction since he is a co-borrower of the education loan and is paying interest for it. There will be no tax reduction for being a guarantor. However, if he pays the interest of the education loan for the entire study period, then while repaying the education loan, you will get a rebate of 1% in the interest rate.




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