interest on education loan

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nagarajan (Querist)
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17 July 2010 dear sir

Is Interest on Education loan of a dependent(son)eligible for deduction @100% u/s 80E apart from claim Rs.1 lakh u/s 80C.

thanks
Nagarajan

Aditya Maheshwari

Aditya Maheshwari (Expert)
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17 July 2010 Yes it is apart from 80C.

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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17 July 2010 agreed.
For detail analysis all about section 80E.
You can click on below link

http://www.taxguru.in/income-tax/deduction-under-section-80e-for-interest-on-education-loan-taken-for-self-and-relatives.html

CA Ravi Sisodia

CA Ravi Sisodia (Expert)
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17 July 2010 yes Interest on Education loan relates sec.80 E it is in addition/apart to sec.80C.

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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17 July 2010 agreed

DR GAURAV GUPTA FCA, FCS, LL.B

DR GAURAV GUPTA FCA, FCS, LL.B (Expert)
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17 July 2010 yes but dependent must be relative i.e spouse , childeren or student whose assessee is legal guardian

Aditya Maheshwari

Aditya Maheshwari (Expert)
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19 July 2010 Relative should be there but where it is mentioned legal guardian?

If a loan is taken for a major child then deduction not available? Is that what u mean to say Gaurav?

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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19 July 2010
Loan should have been taken for the purpose of pursuing higher studies of Individual , Spouse, Children of Individual or of the student of whom individual is legal Guardian.

Higher studies means full-time studies for any graduate or post-graduate course in engineering, medicine, management or for post-graduate course in applied sciences or pure sciences including mathematics and statistics;

Income tax department has added (W.e.f. A.Y. 2010-11) additional fields of studies (including vocational studies) pursued after passing the Senior Secondary Examination or its equivalent from any school, Board or University recognised by the Central or State Government will also be covered under deduction in respect of interest paid on loan taken for higher education.

6. Interest should have been paid for the loan taken for the purpose of pursuing his higher education or of the spouse and children.

From A.Y. 2010-11 Relative also includes student for whom the individual is the legal guardian.

THERE IS NO CONDITION THAT RELATIVE SHOULD BE DEPENDENT.

nagarajan

nagarajan (Querist)
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19 July 2010 thanks to all

Nagarajan

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