Education and Career Forum

Hello,
My Father has taken Education Loan from United Bank of India for my brother’s B.Tech course. Now he has completed his course and I am being his guardian repaying the amount of Education Loan which was taken by my Father. The Education Loan is combined with my father and my brother names. But I want to claim tax rebate on this Education Loan. Kindly tell me what I have to do?

• Check the eligibility criteria. You can claim tax rebate on education loan only if you meet the following eligibility criteria:
  
  • You are a resident of India.
  • You have taken an education loan from a recognized financial institution.
  • You are repaying the education loan in installments.
  • The education loan is for the purpose of your own or your family member’s education.
• Gather the required documents. You will need to gather the following documents to claim tax rebate on education loan:
  
  • Education loan agreement.
  • Proof of repayment of the education loan.
  • Income tax returns for the financial years in which you have claimed the deduction.
• File your income tax return. You can claim tax rebate on education loan by filing your income tax return. When you file your income tax return, you will need to provide the details of the education loan and the amount of money you have repaid in the financial year.
• Claim the deduction. Once you have filed your income tax return, you will need to claim the deduction for education loan. You can do this by filling up Form 10BA.

Here are the steps on how to fill up Form 10BA:

• Download Form 10BA from the Income Tax website.
• Fill up the form carefully.
• Attach the required documents.
• Submit the form to the Income Tax Department.

Note:

• The maximum amount of tax rebate you can claim for education loan is Rs. 1.5 lakhs per year.
• You can claim tax rebate for education loan for a maximum of eight years.