2007-03-27 20:35:46 · 4 answers · asked by max 1 in Business & Finance ➔ Taxes ➔ India
I think you are asking about deduction on Loan taken for higher studies.
Yes, Deduction u/s 80E is applicable for higher education loan.
Sec80E have the following rules.
Repayment of loan taken for higher education
Applicable only for Individual assessee.
Any amount paid out of income chargable to tax in the previous year by way of interest on loan taken from any financial institution or any approved charitable institution for the purpose of of persuing higher education (full time studies for any graduate or post graduate course)
The deduction is allowed in computing the total income of the intial year and immediately succeeding 7 AYs or until the interest is paid by the assessee infull ,which ever is earlier.
w.e.f AY 2006-07 No deduction u/s 80E in respect of repayment of principal amount.
The deduction is available only to the person in whose name the loan was taken .this rule was valid upto AY 2006-07
In the Budget 2007 it was announced that parents taking loan on their children's name can also claim this deduction.
2007-03-28 04:02:35 · answer #1 · answered by Anonymous · 13⤊ 0⤋
You an get a deduction for the interest paid on any educational loan you have taken from a recognised FI
The deduction is under CHAPTER VI A -- Section 80 (E):
2007-03-28 03:45:41 · answer #2 · answered by necromancer 3 · 0⤊ 0⤋
Only tuition Fees will be allowed as deduction under section 80C of income tax act 1961 on submition of fees details along with income tax return
2007-03-28 03:49:17 · answer #3 · answered by Sunnykvb 1 · 0⤊ 0⤋
Deduction under what? Income Tax?!
Do you communicate like this only in your professional and personal life as well?
2007-03-28 03:40:04 · answer #4 · answered by helpaneed 7 · 0⤊ 1⤋