Education and Career Forum

Hello,
My Brother had taken Educational Loan from UBI for Higher education of our sister. Now I am repaying the amount to the bank. The loan basically in on my brother and sister name combined. Now how can I claim tax rebate for the interest that I've been paying?

The matter is quite complex, however, there is nothing to worry as the solution is simple.

- First of all, if you are paying through cash payment mode, you cannot claim for tax benefit as you do not have a valid proof that you are paying the loan.
- You need to get it transferred from your account to the loan account or link your account with the loan account.
- Then you need to get the statement proof from the financial organization which is UBI concerning the loan repayment from your account.
- You can submit the proof and get the tax benefit.