Section 80E

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 November 2010 Whether interest paid on Loan taken for any further studies in abroad can be allowed u/s 80E?

How can we found out whether a particular Institute is recognised by Central or State govt. for the purpose of section 80E?

poonam

poonam (Expert)
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22 November 2010 The amount of interest paid is eligible for deduction and moreover there is no cap on the amount to be deducted. You can deduct the entire interest amount from your taxable income. However there is no benefit available on the repayment of principal amount of the loan.
a. approved charitable institution means an institution specified in, or, as the case may be, an institution established for charitable purposes and [approved by the prescribed authority] under clause (23C) of section 10 or an institution referred to in clause (a) of sub-section (2) of section 80G;
b. financial institution means a banking company to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act); or any other financial institution which the Central Government may, by notification in the Official Gazette, specify in this behalf;

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