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Edu loan repayment

12 September 2019

i m repaying educarion loan of my son from my account ... intrest and principle repayment both benefit will i get in income tax ..what is annual repayment maximum allowed for both .....pl guide

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5 Replies

prasad Nilugal ( GST Practitioner & Accounts ) (14868 Points)
Replied 12 September 2019

Is this loan taken for higher education ?.

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Aman Shivharey (78 Points)
Replied 12 September 2019

No only interest benefit (no limit)
but u can also take deduction of school/college fees u/s 80c upto 150000

Kapadia Pravin (17264 Points)
Replied 13 September 2019

80C is limited to tuition fees paid by the assessee. Here in this case such fees payment are paid from loan taken by son.

What you are paying is just EMI of your son's loan Account.

I think , no tax benefits to you sir

sabyasachi mukherjee (27734 Points)
Replied 14 September 2019

BEST TAX SAVINGS U/SEC 80C:
ELSS FUND
NPS
ULIP
PPF
LIC
BEST IS PPF AND NPS.
TUTUION FEES ARE NOT COVERED UNDER SEC 80C.

Suresh Thiyagarajan (Student) (3986 Points)
Replied 14 September 2019

1. Deductions can be claimed as per sec 80E which says that interest on education loan is taken for studies or higher studies will be available as deductions from the gross total income.
2. In the given case interest will be available as deductions u/s 80E even if the loan was taken for the purpose of self, spouse, children.
3. There is the limit for claiming interest as deductions u/s 80E and whatever the amount paid will be fully available as a deduction.
4. However, a certificate must be obtained to this effect to avoid any mishap in the future date.
Please correct me if the above solution has an alternative view.