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educatlion loan by a sole proprietor

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Querist : Anonymous

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Querist : Anonymous (Querist)
05 July 2010 a sole proprietor has been paying to bank towards his education loan and is showing in bank statement. Is it to be treated as expenses & shown in P&L a/c or show as drawings and show in computation of income under rebate and take only interst part of it. If so what about principl Kindlly guide.
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CA.Mini

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CA.Mini (Expert)
05 July 2010 education loan is not treated as an business expense u/s 37 of the income tax act.hence i think it has to be treated as drawings and shown as rebate in total income.
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Akhil Agrawal

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Akhil Agrawal (Expert)
06 July 2010 I agree with Mini & also only int will be allowed as ded u/s 80E. Principle will not be treated. Means Principal will be real Drawings for Assessee
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