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  #1  
11th November 2016, 05:22 PM
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Is there any way to save tax on interest against an Education Loan of Rs. 3.5 Lacs?


I have taken an Education Loan from Bank of Rs. 3.5 Lacs and made my father a guarantor. He is an Eastern Railway employee and paying the interest of the loan amount. I just want to know that is there any way to save tax? Please help me.




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  #2  
13th November 2016, 06:54 PM
SudeepKumarSaha
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Join Date: Dec 2013
Location: India
Posts: 8,583
Default Re: Is there any way to save tax on interest against an Education Loan of Rs. 3.5 Lacs?

Yes, tax can definitely be saved for education loan while paying the interest. As per the income tax laws of India, one can get a deduction of the interest one is paying from the net taxable income. Hence , the interest amount which your father is paying will be waived off from his taxable income. Bank statement needs to be shown as a proof to get the tax benefit.
Do you have any question? or have anything to say?



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