I, as a parent, have taken loan from State Bank of Mysore for Higher Studies of my Son at USA. It is 6 months old now. I, as a parent, am paying the Interest accrued, every month. Repayment of Principal has not started yet. It would start only after 6 months of his completion of studies or getting job whichever is earlier. Now, I am an IT assessee. In such case am I eligeble for deduction of interest portion from the taxable income for this assessment year?
Re: Oversees Education Loan
by reesiffsucks on Jan 26, 2011 02:10 PM
Yes. you are eligible. Dont make mistake of paying loan yourself. tell your son to take some responsibility.
Re: Oversees Education Loan
by myspace on Jan 24, 2011 07:42 PM
I think you are covered here. Here is what Income tax website says:
"higher education" means full-time studies for any graduate or postgraduate course in engineering, medicine, management or for postgraduate course in applied sciences or pure sciences including mathematics and statistics;
