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...
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Post Office RD Interest
- Eway bill for machinery reparing
- Building and other construction workers welfare cess act 1996
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- ITR validation error - Balance sheet is not filled
- Applicable TDS for Purchase of Flat from NRI
- Bank Accounts in Balance Sheet for ITR 3
- TDS ON CASH WITHDRAWALS...
- Annual return of gst limit
- Form 10BD Filling
- Change the gender in the registration of icai
- Lift replacement entries in housing society
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
