SECTION 80-E

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 May 2011 WHAT IS THE MAXMIMUM LIMIT OF INTEREST THAT CAN BE CLAIMED U/S 80-E
ALSO CAN THE PRINCIPAL AMT. PAID FOR EDUCATION LOAN ALSO BE CLAIMED AS DEDUCTION, SIMILAR TO HOUSING LOAN REPAYMENT U/S 80-C

Amol Gopal Kabra (CA,CS,DISA)

Amol Gopal Kabra (CA,CS,DISA) (Expert)
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01 May 2011 Section 80E speaks only for deduction of Interest. Principal amount repaid cant be allowed as deduction. Further there is no cap on the amount of interest paid. However, the total deduction along with other deductions in Chapter VI-A cant be more than the gross total income of the assessee. However, the Section puts a cap on the number of years which the deduction is allowed and that is Seven years.

CA. Amol G. Kabra

Querist : Anonymous

Querist : Anonymous (Querist)

01 May 2011 thnx a ton, Amol ji

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