IF AN INDIVIDUAL SALARIED EMPLOYEE PAID EDUCATION LOAN PRINCIPAL OF RS.70,000/- & INTEREST THREON RS.61,000/- DURING 2010-11.
HOW MUCH DEDUCTION ALLOWED.
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EDUCATION LOAN EXEMPTION
Replies (3)
Dear Gaur,
You Can take exemption of Interest on Educational Loan U/s 80E. You can't take benefit of Principal Amount as Deduction under Chapter VI-A.
Total Amount of Principal & Interest 1,31,000
Less :- Deduction Under Chapter VI-A
U/s 80E (61,000)
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Disallowed Deduction 70,000
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Agree with Jha...
you are eligible to deduct Rs. 61000/- as higher education loan int. u/s 80E but not eligiblie deduction of Rs. 70,000/- principle amt.
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