Hi..
Actually i want to know that if any person pays his education loan (principal + Interest)at a one time after
compermising from Bank then interest portion should deductible or not undersection 80 E.Please reply.
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Regarding tax deduction
Replies (2)
- As per the provisions of 80E of the income tax act 1961., Only the interest paid on loan taken is allowed as a deduction ...( principal is not allowed)., the deduction can be claimed for 8 AY's including the initial year or until the interest is paid in full which ever is earlier...
- There is no ceiling on the maximum amount to be claimed under this section.
- Initial AY means the AY relevant to the previous year,in which the assessee starts paying the Interest on the loan.
IF your settlement falls within the span of 8yrs mentioned above....you can claim the entire interest portion u/s 80E of the it act..
| Originally posted by : sans9x CA,grad CWA ,(CS) | ||
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As per the provisions of 80E of the income tax act 1961., Only the interest paid on loan taken is allowed as a deduction ...( principal is not allowed)., the deduction can be claimed for 8 AY's including the initial year or until the interest is paid in full which ever is earlier... There is no ceiling on the maximum amount to be claimed under this section. Initial AY means the AY relevant to the previous year,in which the assessee starts paying the Interest on the loan. IF your settlement falls within the span of 8yrs mentioned above....you can claim the entire interest portion u/s 80E of the it act.. |
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