Education and Career Forum

Hi friends, my brother has taken an education loan from Bank of India for his BTech course. He has completed course and now I am being his brother repaying the amount of Education loan which was taken by him. The is combined with my brother and mine names. But I want to claim tax rebate on this loan. Kindly tell me what I have to do?

When it comes to siblings , you are not entitled to any tax benefit , unless you are the legal guardian for your sibling.
You can still take loan , but can claim any tax benefit.

An individual who has taken education loan for higher studies for himself , children or spouse or if you are a legal guardian of the individual who has taken loan can claim tax benefit on an education loan.