Section 80E

This query is : Resolved

Devendra (Querist)
Follow

06 February 2011 1)Mr. X has taken a loan from bank for doing Masters in Marketing Management. Whether interest paid on the same is allowable as deduction u/s 80E?

2)Does it matter if the loan is in his name or in the name of either of his parents? Can Mr. X claim the deduction in his ITR, even if the loan is not in his name ?

Regards,
Devendra Kulkarni

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

06 February 2011 1)Mr. X has taken a loan from bank for doing Masters in Marketing Management. Whether interest paid on the same is allowable as deduction u/s 80E?

Yes. as the loan is menat for higher studies
and loan is taken by X himself, it is allowable u/s 80E.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

06 February 2011 2)Does it matter if the loan is in his name or in the name of either of his parents? Can Mr. X claim the deduction in his ITR, even if the loan is not in his name ?

Ans. Mr. X can not claim interest unless he is a co-borrower with any of the parents taking loan.
How ever his parent can get deduction U/s 80E as Mr X is a relative of them.

Interestingly, converse is not true.
Parents are not relatives of Mr. X vide Section 80E (3)(c).

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Angadi & Co

SHUBHANGI GOEL

SUMAN SAHA

AJAY Kumar Agrawal

Pawan Haryani

Subscribe Now

Section 80E

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Manager- Finance and Compliance

Accountant

CA Final

GST CONSULTANCY

Article Assistant

GST CONSULTANT