Deduction under 80e
This query is : Resolved
11 March 2014
pl explain the deduction under section 80E
Regards
Dheeraj Kumar
Regards
Dheeraj Kumar
11 March 2014
Only interest paid on an educational loan is allowed as deduction u/s. 80E of The Income Tax
Act, 1961, out of his/her income chargeable to tax i.e. Deduction will be allowed only when actual
interest is paid.
Loan should be taken by individual for pursuing higher education of self, spouse or his /her
children’s. Hence parents are also eligible to claim deduction of interest paid by them on
loan taken for their children’s education.
Loan should be taken from approved financial institution or from institution
established for charitable purposes and approved by the prescribed authority under clause (23C) of
section 10 or an institution referred to in clause (a) of sub-section (2) of section 80G.
Loan should be for full-time studies for any graduate or postgraduate course in engineering,
medicine, management or for post-graduate course in applied sciences or pure sciences including
mathematics and statistics
Deduction is allowed for a continuous period of eight years, starting with initial assessment year in
which the assessee starts paying the interest on the loan or until the interest is paid in full
whichever is earlier.
Act, 1961, out of his/her income chargeable to tax i.e. Deduction will be allowed only when actual
interest is paid.
Loan should be taken by individual for pursuing higher education of self, spouse or his /her
children’s. Hence parents are also eligible to claim deduction of interest paid by them on
loan taken for their children’s education.
Loan should be taken from approved financial institution or from institution
established for charitable purposes and approved by the prescribed authority under clause (23C) of
section 10 or an institution referred to in clause (a) of sub-section (2) of section 80G.
Loan should be for full-time studies for any graduate or postgraduate course in engineering,
medicine, management or for post-graduate course in applied sciences or pure sciences including
mathematics and statistics
Deduction is allowed for a continuous period of eight years, starting with initial assessment year in
which the assessee starts paying the interest on the loan or until the interest is paid in full
whichever is earlier.
12 March 2014
whether this deduction is in addition to 80c
whether there is any limit on amount of deduction
pl reply
whether there is any limit on amount of deduction
pl reply
12 March 2014
No this section is not included in the limit of 80C.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Deemed Capital Gain
- Exiting partner in partnership firm in gst portal
- Type of Capital Gain
- ASMT-10 received from A O
- Can a single LLP in India legally operate multiple unrelated businesses (Travel, Cloud Kitchen, Ecom
- IT returns for fresh job holders
- ITR-Capital Gain
- Reporting in TDS return
- Traces submitting correction statement error
- Applicability of Books of Account for Commission Income (Sections 194D & 194H)
- CASH GIFT FROM BLOOD RELATIVE
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- Rent claimed on building given on permissive possession basis
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
