Education and Career Forum

Hello Friends,
My Father-in-Law had taken Educational Loan from Union Bank of India for Higher education of my wife. Now I am repaying the amount to the Bank. The loan basically in on My father-in-law and wife's name combined. Now, how can I claim tax rebate for the interest that I've been paying?

You cannot claim tax benefit directly on the education loan of your wife. This is because the loan is in the name of your father-in-law and your wife. But you can claim income tax rebate once you get the requisite documents from the Union Bank of India. You need to get the proof of your repayment of loan on the behalf of your wife and father-in-law from Union Bank of India to showcase it to the Income tax department. Once this is done, you can claim income tax rebate.