Interest accrued in education loan from bank
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 February 2015
I had taken a education loan of Rs.5.00 lac for myself during 2008. I have completed my education now and have doing fashion designing jobs of various clients. Now I want to submit my Income tax return. But till date I have not refunded any amount against the education loan. Now, I want to know how to treat the interest accrued on education loan ?. Further I also want to know there is any restriction for claiming expenses incurred against the receipts from professional service (o/s.194J) ?
07 February 2015
1. Deduction will not be allowed if interest on educational loan is not paid.
2. Legitimate expenses can be claimed against professional income.
2. Legitimate expenses can be claimed against professional income.
20 February 2015
intt. agst loan will claim after repayment of intt amount otherwise not allowable.
exp for prof. income will claim agast. income.
exp for prof. income will claim agast. income.
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