Education loan

Originally posted by : Ashok Kumar Reddy
	U can revise ur return for the current FY unless it is not a belated return.

Thanks Ashok for quick reply. Actually, for this year, my taxable income is below the 2.5L mark. (and for next year it would be in 20% bracket). Is it possible to carry forward this interest paid to next year.

Thanks for help again!

Deduction will be allowed only when actual interest is paid. 

Deduction shall be allowed in computing the total income in respect of the initial assessment year (in which the loan starts) and seven assessment years immediately succeeding the initial assessment year or until the interest is paid by the assessee in full, whichever is earlier.

So, next year onwards you can claim the interest paid in that year and so on for 6 more years.

Thanks Madhvi for the reply. 

So for my understanding, I can not claim this year interest paid in next financial year.

However, for next year and 6 following years, I can claim the actual interest paid in that particular financial year.

Thanks, Raj

Thanks Ashok, Madhavi and Vishal. Query resolved!