Interest accrued in education loan from bank

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 February 2015 I had taken a education loan of Rs.5.00 lac for myself during 2008. I have completed my education now and have doing fashion designing jobs of various clients. Now I want to submit my Income tax return. But till date I have not refunded any amount against the education loan. Now, I want to know how to treat the interest accrued on education loan ?. Further I also want to know there is any restriction for claiming expenses incurred against the receipts from professional service (o/s.194J) ?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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07 February 2015 1. Deduction will not be allowed if interest on educational loan is not paid.

2. Legitimate expenses can be claimed against professional income.