80C
This query is : Resolved
18 August 2010
Dear Friends,
if Mr.A has taken a educational loan for his daughter, and he pays interest for the same loan. the loan amount is used to pay the tuition Fees
my query is can he claim excemption for both interest paid and tuition Fees from his taxable income
if Mr.A has taken a educational loan for his daughter, and he pays interest for the same loan. the loan amount is used to pay the tuition Fees
my query is can he claim excemption for both interest paid and tuition Fees from his taxable income
18 August 2010
yES, HE CAN CLAIM EXEMPTIN FOR BOTH
INTERST PAID ON EDUCATION LOAN WILL BE ALLOWED U/S 80E.
TUTION FEE DEUDCTION WILL BE ALLOWED U/S 80 C.
INTERST PAID ON EDUCATION LOAN WILL BE ALLOWED U/S 80E.
TUTION FEE DEUDCTION WILL BE ALLOWED U/S 80 C.
18 August 2010
But the Fees is paid by Bank from Loan alloted to his daughter
18 August 2010
agreed... you can claim the both.
18 August 2010
YES BOTH DEDUCTION WILL BE AVAIBLE. FROM A.Y. 2010-11 EVEN IF THE LOAN IS TAKEN FOR RELATIVE. DEDUCTION U/S 80E WILL BE AVAILABLE.
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18 August 2010
The loan should have in the name of the individual only...
In your case the 80E benefit will not be allowed as the loan is in the name of the daughter.
You can only claim the benefit for tuition fee under 80C
In your case the 80E benefit will not be allowed as the loan is in the name of the daughter.
You can only claim the benefit for tuition fee under 80C
18 August 2010
the provision says :
Loan should be in the name of Individual: - Deductions on education loan can only be claimed if the loan has been taken in your own name. If your parents, spouse or sibling has taken the loan for your studies, then you are not entitled to get tax benefit.
Loan should be in the name of Individual: - Deductions on education loan can only be claimed if the loan has been taken in your own name. If your parents, spouse or sibling has taken the loan for your studies, then you are not entitled to get tax benefit.
18 August 2010
Education loan is taken in his daughter's name and she will be paying it after completion of studies
18 August 2010
In the given question "Mr.A has taken a educational loan for his daughter"
So he can claim bot the deduction u/s 80C & 80E respectively.
So he can claim bot the deduction u/s 80C & 80E respectively.
18 August 2010
Tax benefit will start only when the repayment of loan starts & as I said the loan should be in the individual's name only to claim the benefit.
since the daughter will be repaying the loan.
No benefit... neither 80C nor 80E.
since the daughter will be repaying the loan.
No benefit... neither 80C nor 80E.
18 August 2010
THEN NO DEDUCTION WILL BE AVAILABLE.U/S 80C AND 80E
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18 August 2010
"Education loan is taken in his daughter's name and she will be paying it after completion of studies"
In such scenario no deduction can be claimed.
In such scenario no deduction can be claimed.
18 August 2010
its doesn't matter who is paying but make sure for whom the bank is paying to get benefit of both section.
yes you can claim 80C (principle) & 80E (interest)whatever it doesn't matter..
yes you can claim 80C (principle) & 80E (interest)whatever it doesn't matter..
18 August 2010
"yes you can claim 80C (principle) & 80E (interest)whatever it doesn't matter.."
Murtaza Ji question is not about home loan.
You are mentioning principal and interest amount?
Murtaza Ji question is not about home loan.
You are mentioning principal and interest amount?
18 August 2010
FOR DETAILED ANALAYSIS AND ALL ABOUT DEDUCTION OF EDUCATION LOAN U/S 80 E.
PLEASE CLICK ON BELOW LINK
http://www.taxguru.in/income-tax/deduction-under-section-80e-for-interest-on-education-loan-taken-for-self-and-relatives.html
PLEASE CLICK ON BELOW LINK
http://www.taxguru.in/income-tax/deduction-under-section-80e-for-interest-on-education-loan-taken-for-self-and-relatives.html
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