Co-borrower in joint study loan must pay EMI to get tax sop

YOUR QUERIES: INCOME TAX

- —Suresh Iyer

Yes, Section 80E permits deduction for interest paid on loans taken for higher studies. In a joint loan, each taxpayer must ensure that he or she is a co-borrower and is actually paying the interest. In such cases, both individuals can claim proportionate deductions based on their respective contributions to the EMI. The benefit continues for eight assessment years or until interest repayment ends, whichever is earlier.

• I filed my returns in July. It is still not processed and I have not got the refund. What should I do to escalate the matter?

—Deepak Mathur