17 July 2010
where loan has been taken for studying MS in US for son.. is the whole instalment of repayment of loan deductible? does it come under Sec 80E?
17 July 2010
Deduction will be only interst , not for instalment amount.
Deduction amount: – The amount of interest paid is eligible for deduction and moreover there is no cap on the amount to be deducted. You can deduct the entire interest amount from your taxable income. However there is no benefit available on the repayment of principal amount of the loan.
Click on below link for details analysis on deduction u/s 80E
CAclubindia
