ICICI

Rebate on Education loan interest to coborrower


murlidhar mendki   02 December 2019

murlidhar mendki

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I am coborrower of  loan for foreign education studies of my son. I am paying the EMI (interest and principle amount) since beginning , how much interest paid I can claim to avail the tax rebate. My son is primary applicant. 

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Pawan Vemula   02 December 2019

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The deduction allowed is the total interest part of the EMI paid during the financial year. There is no limit on the maximum amount that is allowed as deduction. You, however, need to obtain a certificate from your Bank. Such certificate should segregate the principal and the interest portion of the education loan paid by you during the financial year. The total interest paid will be allowed as a deduction

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Kapadia Pravin   02 December 2019

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Deduction of interest under 80E is allowed to the individual who has taken the loan and if repayment is made through income chargeable to tax,"

You will require a certificate from a bank for EMI's paid during the year and break up interest portion and principal amount portion. I think bank will give such certificate in the name of primary applicant. Here there may arise trouble in getting 80E conditions satisfied.

Here the Primary applicant (student son) is borrower as far as loan is concerned.

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sabyasachi mukherjee   03 December 2019

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Another pertinent point has been missed out is
"he has consecutively paid interest on loan for a period of 8 years ." It may be more but not less.
Other aspects like obtaining certificate from the Bank remains same.

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Kapadia Pravin   03 December 2019

Kapadia Pravin

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Again bluff, Sanyasachi
Which book you are referring to ?

Where is query reply ?? 😇😇

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sabyasachi mukherjee   03 December 2019

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Again bluff
master...
these are the conditions ..
you can consult online , offline any books.
It seems you are immatured and insensible .
Your COP has expired.

these are the conditions.

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Kapadia Pravin   03 December 2019

Kapadia Pravin

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Period of deduction under 80E

The deduction for the interest on loan starts from the year in which you start repaying the loan.

It is available only for 8 years starting from the year in which you start repaying the loan or until the interest is fully repaid whichever is earlier.

This means if the complete repayment of the loan is done in 5 years only, then tax deduction will be allowed for 5 years and not 8 years.

It should also be noted that if your loan tenure exceeds 8 years, then you cannot claim a deduction for the interest paid beyond 8 years.

So it is always advisable that an education loan is paid within eight years.

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Sanyasachi don't post without base for fun. Don't allege baseless.
Look into your reply ! it's bluff, childish.
May be age factor for your reaction and losing of senses.

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sabyasachi mukherjee   03 December 2019

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Obviously if the loan is taken for 5 years then since you are paying int. on loan for 5 years .
deduction cannot be availed.



@
kapu
no one is alleging and no one posts for fun .
you hv not mentioned the tenure.
don't be a kid.
you are behaving like a kid.

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Kapadia Pravin   03 December 2019

Kapadia Pravin

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Sanya stop posting bakwas and acting
Is this a KG class ! Better stay off.
Re-read 2-3 times your post... ...
Apart, where is query reply !!!!! 😇😇

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sabyasachi mukherjee   03 December 2019

sabyasachi mukherjee

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Better stay off
You seem to hv not gone to school. Go to a prep school.
don't bark ..


what is your query.?
selecting COP DOES not solve your problem.


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