Education loan
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 December 2012
Dear sirs,
Whether education loan taken from LIC of India,is deductible under sec 80E?
Thanks in advance.
Whether education loan taken from LIC of India,is deductible under sec 80E?
Thanks in advance.
20 December 2012
Yes deductible,
there are 6 conditions for deduction -
1) Assessee should be individual.
2) Had taken loan from financial institution like bank or notified financial institution.
3)The Loan was taken for the purpose for higher education(Full time study for any graduate or post graduate course in engineering, medicine, management, architect)
4)Loan taken for education of himself, from a/y 08-09 spouse or child.
5) Amount is paid by individual by way of interest on such laon
6)amount is paid out of income chargeable to tax.
there are 6 conditions for deduction -
1) Assessee should be individual.
2) Had taken loan from financial institution like bank or notified financial institution.
3)The Loan was taken for the purpose for higher education(Full time study for any graduate or post graduate course in engineering, medicine, management, architect)
4)Loan taken for education of himself, from a/y 08-09 spouse or child.
5) Amount is paid by individual by way of interest on such laon
6)amount is paid out of income chargeable to tax.
20 December 2012
Since LIC is also Financial Institution, deduction is available.
thanks
thanks
24 December 2012
it should be deduction available under section 80c
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