Interest on Education Loan
This query is : Resolved
02 April 2010
Hi..
I would like to know the interest paid on educational loan is eligible for intocme tax rebate or not and if its not claimed in any year, will be allowed to avail in its next year
Please revert
I would like to know the interest paid on educational loan is eligible for intocme tax rebate or not and if its not claimed in any year, will be allowed to avail in its next year
Please revert
02 April 2010
The related section is 80E of the Income tax Act,1961. Interest is allowed as a deduction from the gross total income and not as a rebate from the income tax ,subject to the satisfaction of the conditions mentioned in the said section. Deduction is allowed on payment basis and year wise ,meaning thereby, if interest is not claimed in an year that interest cannot be claimed in next year.
02 April 2010
Agree.... Its not rebate but it is deduction u/s 80E. Can claim in the year of payment only....cannot be claimed next year...
02 April 2010
AGREE WITH EXPERTS.
04 April 2010
agree with experts
04 April 2010
Agreed...
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