Education and Career Forum

Dear friends, my father has taken an education loan from ICICI Bank for my brother's MBA program. Now he has completed his course and I am repaying the amount of that education loan which was taken by my father. The loan is combined of my father and brother's names. So, I want to claim tax rebate on this education loan in this bank. Kindly tell me what I have to do?

As per section 80E 9f Income Tax act , 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 the education loan can claim tax benefit on an education loan.
To claim deduction under section 80E , the assessee needs to avail loan from any financial institution or a recognised charitable institution .
Deduction under section 80 E cannot be availed towards interest paid to a relative or employer towards a loan taken for higher education.
Those who have availed the maximum available deduction of INR 1, 50,000 under section 80C they can still avail deduction under section 80E.