Deduction u/s 80c
This query is : Resolved
avdhesh zanwar
(Querist)
29 January 2013
Sir/ Madam Please let me know that, Whether Tuition fees paid by education loan is allowed as Deduction U/s 80C???
Thanking u in advance.
Thanking u in advance.
HUZAIFA HUSSAIN
(Expert)
29 January 2013
u/s 80C deductions are available for the payments made out of taxable income and not from the borrowed amount.
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avdhesh zanwar
(Querist)
29 January 2013
yes right... thank u very much....
30 January 2013
The condition that investment / payment for 80C should be out of the 'assessee's income' was in the section stood prior to 01/04/1991. Section 80C was omitted by the Finance Act,1990 and re introduced through Finance Act,2005 wherein that condition was taken away meaning thereby, tuition fee paid out of borrowed funds qualifies for deduction under section 80C.
Ref:- 80C(2)
Ref:- 80C(2)
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29 July 2013
Yes I agree with the experts
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