22 July 2009
I want to know that if a person takes a loan for a pilot training course in Australia, then is the interest paid on the loan taken eligible for deduction u/s 80E?
Any repayment of the principal amount of loan taken from a financial institution or a recognised charitable organisation for higher studies and interest thereon is allowed as a deduction upto a maximum amount of Rs. 40,000/- in a year. The relief is available to persons who have undertaken graduate or post graduate courses in any branch of engineering, medicine or management or post-graduate courses in any university in pure sciences, applied sciences, mathematics or statistics. This deduction is allowed for a maximum period of 8 years beginning with the year in which repayment starts.
Pilot training course inAustralia wont be covered by this section.
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