How can I claim Tax Rebate on Education Loan taken by my father for my brother’s education?
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?
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Re: How can I claim Tax Rebate on Education Loan taken by my father for my brother’s education?
It is quite a complicated matter since your name is no where tangled with your brother's education loan. Hence, there is no legality of your repayment. However, you can definitely get tax benefit. You need to have a discussion with the concerned bank from which your brother had taken loan. Ask them to link the account to your account and give you provision of e-statement or proof of the transactions done as repayment. Once the concerned bank acknowledges, you can get tax rebate.