I have an education load, with only me as the Applicant. My husband is the guaranter. I am currently paying the EMI as I am working now and getting the required tax benefit. But recently I am planning to leave my job and do higher studies and my husband will be paying the EMI on behalf of me. So I want to know, whether he will be able to claim tax benefit for paying the EMI on my behalf for the period and amount for which he will be paying? If yes, what are the documents which will be required to furnish to get the tax benefit? I know this is possible even if my husband is not co-applicant with me. but it will be helpful if i get to know how this can be obtained and the process for getting the tax benefit.
1 Answer from Attorneys
Even though your husband pays the EMI's, the bank will deem that the money has been received from you, the borrower. I doubt whether your husband will be able to avail of any tax benefits for repayment of the loan on your behalf since the tax benefit is restricted to the concerned individual who is undergoing the educational course, in your case, it is you.
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