Deduction of Income tax on Interest paid on Education Loan

This query is : Resolved

Baljinder Singh (Querist)
Follow

18 February 2008 Sir,

My assessee paid Interest amt. only on Educational loan for his son, which is doing MBA. The Principal amt will paid by his son. but at present assessee paid Interest (amt. only) of Rs.15745.

Can assessee claim deduction of the abovesaid amount under which section.

further, If assesse paid Installment of Rs.7242/- p.m. from his income (both principal & Interest). Can he claim deduction from his Income ?

Pls help me.

Reagrds,

Baljinder Singh

R.V.RAO

R.V.RAO (Expert)
Follow

18 February 2008 FROM THE ASSESSMENT YEAR 2008-2009 UNDER SEC 80 E, THE LOAN REPAYMENTS AND INTEREST PAYMENTS FOR THE LOAN BOTH ARE ALLOWED AS DEDUCTION IF PAID FOR THE EDUCATION OF THE INDIVIDUAL OR HIS SPOUSE OR CHILD.
R.V.RAO