Education loan

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NIKHIL JAIN (Querist)
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03 January 2015 I had taken Education Loan from Bank for which interest has accured but has not been Repaid till March 2013, So What Will be the treatment of the Interest - whether it will shown in balance sheet so that deduction can be claimed u/s 80E in March 2014 Return. or as expense is to written off in income & expenditure account.
Tell me the treatment of Interest accured on loan acoount whether to be shown in income & exp acc or Balance sheet and its traetment

Amol S Joglekar

Amol S Joglekar (Expert)
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03 January 2015 Choice is with you....you can either claim it as revenue expenditure ...(By the way... what is your business?)

else can claim under 80E

NIKHIL JAIN

NIKHIL JAIN (Querist)
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03 January 2015 Tell me the Treatment of the Interest Accured as it is not paid so deduction cannot be claimed u/s 80e

Amol S Joglekar

Amol S Joglekar (Expert)
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05 January 2015 Interest accrued on education loan has no place in Income Tax.

For busines....you can route the same through Capital A/c of proprietor Or Partners as the case may be

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