regarding income tax deduction on foreign education loan
This query is : Resolved
11 May 2008
dear friends
my bro had taken loan for mba education in us from us bank itself and now he is doing job in india. my quetion is whether he will get deduction under section 80(E) or not. ca he get relief on loan as well as interest paid to us bank under any other section also.
regards
amit agrawal
my bro had taken loan for mba education in us from us bank itself and now he is doing job in india. my quetion is whether he will get deduction under section 80(E) or not. ca he get relief on loan as well as interest paid to us bank under any other section also.
regards
amit agrawal
12 May 2008
Dear Amit,
For getting eligible for tax relief for interest paid on loan taken for higher education, you need to fulfil following condition - a) the loan should be taken for higher education b) such loan is taken for higher education of self or for spouse or for children. b) the loan should be taken from any financial institution (including bank) or a charitable institution c) interest has been paid during the year On fulfilment of above condition you will be able to claim tax relief on acocunt of interest paid during the year under section 80E of the Income tax Act.
I hope your doubt is clear now.
For getting eligible for tax relief for interest paid on loan taken for higher education, you need to fulfil following condition - a) the loan should be taken for higher education b) such loan is taken for higher education of self or for spouse or for children. b) the loan should be taken from any financial institution (including bank) or a charitable institution c) interest has been paid during the year On fulfilment of above condition you will be able to claim tax relief on acocunt of interest paid during the year under section 80E of the Income tax Act.
I hope your doubt is clear now.
12 May 2008
thanks for ur reply but mine doubt is whether loan taken from foreign bank is also allowed as deduction for educational degree from us university
12 May 2008
Yes if it fulfills the above mentioned conditions.
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