19 June 2008
The query is regarding Sec 80E One of my friend is doing his MBA from IESE Business School, Barcelona through distance learning . He has got his loan financed from Sabadell Atlantico, a foreign bank. During the year he has paid interest on loan amounting to 2050.17 sterling pound which is mentioned in the certificate given to him from bank. According to section 80E interst on loan is deductible which is paid from income chargeable to tax.My query is the loan taken from foreign bank eligible for deduction as per the provision of sec 80E. Also are distance learning course eligible. Also ,please let me know about the rate of conversion reg the interest amount. Kindly clear my doubt
CAclubindia
