income tax

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VIMAL DEVRANI

VIMAL DEVRANI (Querist)
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16 June 2017 hello sir how much amount we can claim as interest payment of education loan.. full amount or part payment

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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17 June 2017 The deduction allowed is the total interest part of the EMI paid during the financial year. There is no limit on the maximum amount that is allowed as deduction. You need to obtain a certificate from your Bank.Such certificate should segregate the principal and interest portion of the education loan paid by you during the financial year. The total interest paid will be allowed as deduction. No Tax benefit is allowed for the principal repayment.

VIMAL DEVRANI

VIMAL DEVRANI (Querist)
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17 June 2017 and if the loan taken for more than one children so how much amount is allowed extend to no of children.

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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17 June 2017 There is no max limit of children in Sec80E.

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