Mohit (Manager) (23 Points)
18 February 2019Suppose I took a loan for doing my MBA in 2016 for session 2016-18 and For FY 2016-17, interest generated was X, For FY 2017-18, interest generated was Y and in FY 2018-19 (till date), interest generated was Z. I started repaying the loan from May 2018. Can I get the Deduction under 80 E, if I have repaid all the amount towards interest accumulated i.e X+Y+Z?
Vinaya Kumara K H
(Accounts Executive)
(259 Points)
Replied 18 February 2019
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.
Mohit
(Manager)
(23 Points)
Replied 18 February 2019
Hi
Thanks for the reply. However, My EMIs are about to start from Aug 19 and I have started repaying the amount in May 2018 itself. So in this case am I eligible to get deduction for X+Y+Z provided, I have repaid all the interest accumulated (till date)
CAclubindia
