Education Loan U/s 80 E

Dear Rajiv ji,

Please find some of the important provisions of Sec.80 E:

In computing the total income of an assessee, being an individual, there shall be deducted, in accordance with and subject to the provisions of this section, any amount paid by him in the previous year, out of his income chargeable to tax, by way of repayment of loan, taken by him from any financial institution or any approved charitable institution for the purpose of pursuing his higher education, or interest on such loan.

PROVISO:

"Financial institution" means a banking company to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act); or any other financial institution which the Central Government may, by notification in the Official Gazette, specify in this behalf.

HENCE A LOAN FROM A FOREIGN FINANCIAL INSTITUTION IN THIS REGARD WILL NOT BE ELIGIBLE FOR THE BENEFIT.

Regards,

Rupesh

i agree...loan from foreign bank will not be eligible fr any deduction u/s 80 E....

DEAR RAJIV,

As per sec 80E, IT IS SPECIFICALLY MENTIONED THAT deduction would be allowed for interest paid on loan taken from any bank, notified financial institution or approved charitable institution. Nowhere mentioned under sec 80E of the income tax act, that loan should only from indian banking company.

REGARDS,

MANOJ

right

u cannt claim

Dear Manoj Ji,

PLEASE GO THROUGH THE PROVISO TO NSECTION 80 E CAREFULLY.

Originally posted by : Manoj B. Gavali
	DEAR RAJIV, As per sec 80E, IT IS SPECIFICALLY MENTIONED THAT deduction would be allowed for interest paid on loan taken from any bank, notified financial institution or approved charitable institution. Nowhere mentioned under sec 80E of the income tax act, that loan should only from indian banking company. REGARDS, MANOJ