Deduction u/s 80e
This query is : Resolved
17 August 2012
Sir,
As per Income tax act, Deduction U/s 80E is allowed for Interest paid on Education Loan. Kindly advise whether it is based on paid basis or accrual basis.
for Example.
Bank debited Interest Rs. 50000 on education loan, however assessee deposited only 40000/- in loan account during the f.y. 2011-12
Kindly advise which amount can be claimed u/s 80E, whether 50000/- or 40000/-
Regards
Naresh Kumar sharma
As per Income tax act, Deduction U/s 80E is allowed for Interest paid on Education Loan. Kindly advise whether it is based on paid basis or accrual basis.
for Example.
Bank debited Interest Rs. 50000 on education loan, however assessee deposited only 40000/- in loan account during the f.y. 2011-12
Kindly advise which amount can be claimed u/s 80E, whether 50000/- or 40000/-
Regards
Naresh Kumar sharma
17 August 2012
paid basis
17 August 2012
It will be allowed on paid basis
17 August 2012
Deduction is purely based on payment.
07 October 2021
Rs. 40,000/- only. Balance will be available for deduction in the year of payment.
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