Exemption on interest education loan
2 weeks ago
I'm taking Higher education loan for aboard and my brother pay the Emi ..
So. He claim in there income tax or not ..
A.Dear client, once you avail of an education loan, the interest paid (which is a component of your EMI) on the education loan is allowed as a deduction under Section 80E of the Income Tax Act, 1961. This deduction is available for a maximum of 8 years or till the interest is repaid, whichever is earlier.
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A.Dear Sir,
You have to consult either chartered accountant or auditor to get effective legal advise as it involves income tax matter.
You have to consult either chartered accountant or auditor to get effective legal advise as it involves income tax matter.
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A.Dear Client,
Under Section 80E of the Income Tax Act, 1961, if an individual has taken an education loan and is repaying the same, then the interest paid on that loan is allowed as a deduction from his/her total income. The individual can claim this deduction if the education loan is taken for self, spouse, children, and a person for whom the assessee is a legal guardian. The person repaying the loan for the people mentioned above can benefit from the deduction under Sec.80E of the Act. Hindu Undivided Families (HUF) and companies are not eligible to avail deductions under this section of the Income Tax Act. This deduction is available only on the interest amount paid on the loan and not on the principal amount. Deduction on Education Loan can be claimed for a maximum period of eight years, starting from the year in which interest repayment begins. For more clarifications on the subject, you may consult with a CA or Income Tax practitioner.
Under Section 80E of the Income Tax Act, 1961, if an individual has taken an education loan and is repaying the same, then the interest paid on that loan is allowed as a deduction from his/her total income. The individual can claim this deduction if the education loan is taken for self, spouse, children, and a person for whom the assessee is a legal guardian. The person repaying the loan for the people mentioned above can benefit from the deduction under Sec.80E of the Act. Hindu Undivided Families (HUF) and companies are not eligible to avail deductions under this section of the Income Tax Act. This deduction is available only on the interest amount paid on the loan and not on the principal amount. Deduction on Education Loan can be claimed for a maximum period of eight years, starting from the year in which interest repayment begins. For more clarifications on the subject, you may consult with a CA or Income Tax practitioner.
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