80 c deduction

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Dhinesh (Querist)
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05 March 2012 If a assessee's son is studying engineering and paying a tuition fees of Rs.70,000/- per year by way of getting loan from a scheduled bank. Whether this tuition paid is allowable as deduction u/s 80C, in filing the return of the assessee.

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Guest (Expert)

05 March 2012 The deduction u/s 80C can be claimed in your case.

Jinesh Bhagdev

Jinesh Bhagdev (Expert)
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05 March 2012 Yes.. deduction u/s 80C is allowed for the tution fees paid... and entire amount of 70,000 can be claimed as deduction. Further, interest on such education loan can also be claimed from the entire taxable income u/s 80E of the Act.

The amount of interest paid is eligible for deduction and moreover there is no cap on the amount to be deducted. You can deduct the entire interest amount from your taxable income. However there is no benefit available on the repayment of principal amount of the loan.

Dhinesh

Dhinesh (Querist)
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06 March 2012 thank you for the timely reply.
with regards,
dhinesh

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