80E - Deduction for repayment of interest on Education Loan

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Jaikumar (Querist)
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07 March 2011 Respected Sir
I have one query about claiming deduction of repayment of interest for loan taken for higher education.
One of my client taken loan for higher education in ABROD (US) for Post Graduate degree in Engineering.
Can deduction u/s. 80E is available for Foreign Institution?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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07 March 2011 Yes. There is no condition that the course should be in India. But remember---

Loan should have been taken for the purpose of pursuing higher studies of Individual , Spouse, Children of Individual or of the student of whom individual is legal Guardian.

Higher studies means full-time studies for any graduate or post-graduate course in engineering, medicine, management or for post-graduate course in applied sciences or pure sciences including mathematics and statistics;

Income tax department has added (W.e.f. A.Y. 2010-11) additional fields of studies (including vocational studies) pursued after passing the Senior Secondary Examination or its equivalent from any school, Board or University recognised by the Central or State Government will also be covered under deduction in respect of interest paid on loan taken for higher education.
The loan includes not only tuition or college fees but also other incidental expenses for pursuing such studies like hostel charges, transport charges etc.

Jaikumar

Jaikumar (Querist)
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09 March 2011 Hello Sir
a very much thankfull for giving answer to my qwery then one more question is arise here what is the recognised board or universities by State or Central Government or how can i get list of such institutions, please help me

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