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.
Message likes :
1 times
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
Message likes :
1 times
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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Query Regarding on TDS section 194H and 194J
- Fixed Deposit Claim Relinquishment by the Nominee
- NR GST NUMBER
- ITR 6 Schedule CFL and UD Issues
- From 15CA for remittance by domestic travel agent by to Foreign Destination Management Company.
- TDS RATE ON RENT PAID TO NRI
- Not a CA , can we prepare balance sheet
- FREELANCING ACCOUNTANT
- GST Form ADT-02
- For REQUIRE INDIVIDUAL GST
- Query reg: Accounting standard, Indian Accounting Standard, IFRS, GAAP, Cost Audit, Frontend audit
- GST Refund SB005 Error
- PAYMENT TO OPEN AI AND ENVATO ELEMENT
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
