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Deduction u/s 80E

Sumit A. Raval (Student) (190 Points)

23 December 2009

Hi.....

I would like to know the exemption limit under section 80 E for Interest payable for loan taken for education purposes.

Pls help....

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9 Replies

CA AYUSH AGRAWAL (Kolkata-Pune-Mumbai) (26986 Points)
Replied 23 December 2009

There is No Such Limit in amount (Can't Exceed GTI)

but Limit for Upto 7 Year from which loan is start.

Till A.Y. 09-10 There was only Exemption for Loan Higher Studies, But From This Year It Taken For All Education After 12th Class.

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CA Sumit Arora (CA) (1411 Points)
Replied 23 December 2009

There is no such exemption limit but Deduction under Chapter VIA of the Income Tax Act Can Not Exceel the Gross total income.

Deduction under section 80E will only be allowed when it has been taken for regular course, not for the correspondence course.

Vivek Jarial (Student) (272 Points)
Replied 23 December 2009

i agree with ayush aggarwal...........

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Sekar.A (Asst Manager) (22 Points)
Replied 24 December 2009

sir,
i want to know that what is rule for deduction of HRA from salary
for this year 2009-2010.i have some confusion on this regard so may please help me and i am be very thankful to you if you give me the correct rules on this matter.

Regards

A.Sekar

Nitesh Chordia (Business) (231 Points)
Replied 24 December 2009

hra which will be exempted will be least of the following 3 :

10 % of total salary

actual hra received

50% of rent paid if u live in metro cities otherwise 40 % of rent paid

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Vivek Jarial (Student) (272 Points)
Replied 24 December 2009

please see the section 10 (13A)
https://law.incometaxindia.gov.in/TaxmannDit/DispCitation/ShowCit.aspx?fn=https://law.incometaxindia.gov.in/DitTaxmann/IncomeTaxRules/Rules2009/Rules002A