Education exp
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 March 2012
WHAT IS THE EXEMPT AMOUNT FOR EDUCATIONAL EXP PAID IN FOREIGN CURRENCY?
13 March 2012
Dear Friend.
Income Tax Act:
The principal amount paid on the loan taken to study abroad is not exempt anywhere whereas interest on loan paid is exempt. However there is no cap on the maximum interest allowed as deduction. The loan should be in the name of the assessee.
Period of deduction is initial AY and seven years following the Initial AY or until the assessee has paid the interest in full whichever is earlier
Income Tax Act:
The principal amount paid on the loan taken to study abroad is not exempt anywhere whereas interest on loan paid is exempt. However there is no cap on the maximum interest allowed as deduction. The loan should be in the name of the assessee.
Period of deduction is initial AY and seven years following the Initial AY or until the assessee has paid the interest in full whichever is earlier
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