I took an education loan in April 2010. My moratorium period ends on 30th October 2012. Till date an interest of of around 2 Laks has accumulated which I am planning to pay before end of moratorium period. Will I get tax benefit on this entire interest or only on the interest accumulated for current year (2011-12) ?
Menu
It benefit on education loan interest
Replies (1)
You can take the benifit of entire Interest which includes the interest in relation to the moratorium period also.
The section sas "any amount of interest paid during the year" and defines initial assessment year to mean the relevant assessment year from which the assessee starts paying the interest on loan.
In case moratorium is there on the loan, the first interest is paid by the assessee as soon as the moratorium period ends which includes the interest of the moratorium period also.
Hence, it is duly allowed.!!
- Ashish
8802999731
Recent Topic
- GPF AND COMMUTED PENSION RECEIVED
- How do I choose the correct trademark class? Can I
- Error in totalling salary amount in AIS
- Client consent under DPDPA: Is client sharing PAN,
- TDS MISMATCH
- Rebate on other income even if LTCG is above my 12
- Need CA to certify shareholding pattern.
- Ltcg savings
- Please share the roc and income tax compliance fo
- Proprietor have 2 business. One is registered unde
Related Topics
CAclubindia
