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Education loan repaymet

Tax queries 840 views 6 replies
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analyst
25 Points Posted on 01 January 2014

Hi All,

I Have taken education loan of 2.5 lakh between 2008-12 period and now i have started paying emi of 4500 rs from April -2013 .

  • Kindly clarify how will the emi will be distributed between principal  and interest of loan OR all of the emi will go under interest repayment which was accumlated over the period of 4 year (2008-2012) 
  • . If all of the emi is going under interest repayment then can i claim rebate of 4500*12=54000 under section 80E.(It includes interest charged on loan for last year)

Thanks and Regards

Saurabh Goyal

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On 01 January 2014 at 23:36 Report
Replies (6)
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Wealth Manager
5293 Points Posted on 02 January 2014

Bank will charges interest on loan and will calculated on reducing balance. Initially your interest component shall be large and gradually it will reduce. Interest paid on education loan is eligible for deduction u/s 80E.

13 Reply
On 02 January 2014 at 07:20
Guest

You can ask the bank to give you the breakup of interest and principal component of the EMI

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On 02 January 2014 at 09:43
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Audit Manager
105 Points Posted on 02 January 2014
ask to bank to provide loan repayment schedule then after we can determind the principal and intt component for deduction u/s 80C and 80E respctively.
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On 02 January 2014 at 10:38
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Dadar
67 Points Posted on 02 January 2014
saurabh ask for breakup from the bank for principal repayment & interest payment.Interest paid can be claimed as deduction u/s 80e.
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On 02 January 2014 at 10:57
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Chartered Accountant
25 Points Posted on 02 January 2014
Take ur loan statement from ur Bank ask him to give certificate of Interest.They given a statement which shows interest deposted by you as a repyment of interest.They combined all interest and Give u a certificate which shows interest Repayment deduction under Sec 80 E..
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On 02 January 2014 at 13:29
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ca
105 Points Posted on 03 January 2014

Collect loan bank payment schedule

Principal in 80C

Interest in 80E 

1 Reply
On 03 January 2014 at 17:00


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