Hi,
I have education taken education loan. There was no emi while i was studying. By the time I started paying my emi the principal amount was ~5lacs and total interest incurred in all years was ~1.3 lacs.
I repayed almost entire amount during first year of repayment. I.e FY 17-18. now can I apply for tax deductions for interest incurred only in FY 17-18 or all the interest incurred in previous years as well?
Total interest amount REPAID during FY 2017-18, which may include the interest charged of earlier years also......
For exact value, get loan repayment certificate from bank, which will differenciate the principal amount and interest amount paid during the year, (which is allowed for deduction u/s. 80E)
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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