80 E -Eligibility - for interestpaid on Education loan
My son has an education loan for Higher studies in Germany for over 5 lac ruppees. I am the co-borrower of the loan from Nationalised bank. Interest is paid through my account as well as my son's NRE a/c. I havepaid Rs 21000 and he has paid over 50000/= from his NRE account. He does not come under Indian tax laws. For over 2 years his stay in India is less than 30 days. Now can I claim the amount paid by him. The clause is not clear regarding source of payment. EMI starts from July 2023. Bank certificate obtained. This is for the FY 22-23
Thank you for your prompt reply. I am a retired Canara Bank officer. The loan is availed by my son and the parent has necessarily be the co-borrower. The EMI starts only from JUly 2023 but interest can be paid earlier. I shall claim the amount paid by me. My son being a non resident my second doubt was can I claim the amount paid by him.
Dear Venkat ji,
I believe, you can not claim the amount (interest) paid by your son as tax deduction in your ITR assessment.
Thank you very much.