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Deduction u/s 80e

This query is : Resolved 
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(Querist)
17 August 2012 Sir,

As per Income tax act, Deduction U/s 80E is allowed for Interest paid on Education Loan. Kindly advise whether it is based on paid basis or accrual basis.

for Example.
Bank debited Interest Rs. 50000 on education loan, however assessee deposited only 40000/- in loan account during the f.y. 2011-12

Kindly advise which amount can be claimed u/s 80E, whether 50000/- or 40000/-

Regards
Naresh Kumar sharma
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Arun Biyani

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Arun Biyani (Expert)
17 August 2012 paid basis
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SANYAM ARORA

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SANYAM ARORA (Expert)
17 August 2012 It will be allowed on paid basis
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Sanjay Chopra CA

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Sanjay Chopra CA (Expert)
17 August 2012 Deduction is purely based on payment.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
07 October 2021 Rs. 40,000/- only. Balance will be available for deduction in the year of payment.
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