Education loan Section 80E
This query is : Resolved
01 March 2021
Hi
I have taken an education loan in May 2018 for my higher education. I have started the repayment of the loan in May 2020. During those two years, my interest generated was around INR 1,75,000.
By the end of Feb 2021, I have paid all accrued interest as well as interest generated from May 2020 to Feb 2021 (Which is around INR 75,000).
Now my question is under section 80E of the income tax act, can I avail a deduction of INR 2,50,000 (INR 1,75,000 + INR 75,000 ) ? or I can avail of tax deduction of interest generated during FY20-21 only i.e. INR 75,000 approx.
I have taken an education loan in May 2018 for my higher education. I have started the repayment of the loan in May 2020. During those two years, my interest generated was around INR 1,75,000.
By the end of Feb 2021, I have paid all accrued interest as well as interest generated from May 2020 to Feb 2021 (Which is around INR 75,000).
Now my question is under section 80E of the income tax act, can I avail a deduction of INR 2,50,000 (INR 1,75,000 + INR 75,000 ) ? or I can avail of tax deduction of interest generated during FY20-21 only i.e. INR 75,000 approx.
01 March 2021
Eligible for deduction amounting to Rs. 2,50,000.
01 March 2021
Thanks Sir
Can you please suggest an approved document for this deduction?
Loan Statement or Interest certificate
Can you please suggest an approved document for this deduction?
Loan Statement or Interest certificate
02 March 2021
Interest paid certificate.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Tds on building rent monthly
- GST ON EXPORT COMMISSION
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
