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Interet on education loan

03 September 2020

can deduction of interest under section 80E be claimed in Fy 2019-20 for internet paid for last 2-3 years ??
because in earlier years deduction was not claimed.

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3 Replies

Kaurani Maloo (18 Points)
Replied 03 September 2020

Deduction can be claimed for expenses/investments done in the financial year for which ITR is filed. Thus previous year interest expenses on Education loan can't be taken as exemption under section 80E.
Thanks

CA Saloni (Manager-Accounts & GST Consultant) (5124 Points)
Replied 03 September 2020

You can claim ded in FY 19-20 related to 19-20 only. Plz note you can only claim a max of Rs 25000 in a year as deduction and it can be claimed only for 8 years.

Aman Verma (209 Points)
Replied 03 September 2020

Hi
Deduction under section 80E can be claimed for interest pertaining to current FY only . Ypu can claim deduction for max of 8 years there is no limit on amount of deduction .
Hope it helped