05 January 2010
80E deduction can be taken by person himself or relative . my q is a person who has taken loan for higher studies mba paid interest 2 years. 3rd year whn he started earning he can claim deduction of loan interest , so whthr he
1 Can claimdedeuction for 3 year only or 2 Can claim for cumulative three years bcoz earlier to that he was not earning ,no taxable income nd nor even his parents claimed deduction .
also is there any ceiling limit like RS 40000 or something.
05 January 2010
Any amount paid by way of interest on loan taken from any financial institution or any approved charitable institution for his/her higher education or w.e.f. 1-4-2008 for the purpose of higher education of his/her spouse and children.
CAclubindia
