Deduction in respect of loan taken for foreign studies

This query is : Resolved

nilesh (Querist)
Follow

17 July 2010 where loan has been taken for studying MS in US for son.. is the whole instalment of repayment of loan deductible? does it come under Sec 80E?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
Follow

17 July 2010 No. For Loan taken for studies taken of Indian Institutions courses only eligible for deduction u/s.80E

Message likes : 1 times

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

17 July 2010 There is no condition that the higher education should be in India only.

Message likes : 1 times

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
Follow

17 July 2010 Thanks for correction sir, Agree your view. But there is condition a Instituions approved by the State Govts. or Central Govt

Since Institution approved by the Govt even outside India., Deduction is allowed

Message likes : 1 times

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
Follow

17 July 2010 Deduction will be only interst , not for instalment amount.

Deduction amount: – 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.

Click on below link for details analysis on deduction u/s 80E

https://www.taxguru.in/income-tax/deduction-under-section-80e-for-interest-on-education-loan-taken-for-self-and-relatives.html

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

CA Archana R

Deepak Nayak

Krishnamohan Gangaraju

Shameem ahmed

Konijarala prasad

Subscribe Now

Deduction in respect of loan taken for foreign studies

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA