Education and Career Forum

Hello everyone, my father has taken an Education Loan from Axis Bank for my BCA course. I have completed my BCA course and now I am repaying the amount of Education loan which was taken by my father. The is combined with my father and my names. But I want to claim tax rebate on this loan. Kindly tell me what I have to do?

Eligibility Criteria for deduction under section 80E

Any individual applying for loan for further studies or higher education for himself or on behalf of their spouse , children or student for whom the individual is legal guardian.

The candidate needs to obtain certificate from bank which should have a breakup of principal and interest portion of education loan paid by you during the financial year .
The total interest paid will.be allowed as deduction .
No tax benefit is allowed for principal payment.
Loan that exceeds 8 years will not be subject to tax benefit.
Thus you need to submit required documents to bank to claim tax benefit.