19 February 2014
dear sir… I have got an education loan for 1 lakh on 2007 for doing BE.. since i was a minor at that time the loan account was created on both my name and my father name. Now i am working in a software company. From september 2011 onwards i am repaying my loan monthly 3000 rs through internet banking. seperateley they(bank) debits monthly 850 rs as interest . can i able to claim tax deduction for this amount from this year.. pls give necessary informations… what are the steps to be followed to utilise 80 E section.. pls reply to my mail-id. Muneshkumar@lifelongindia.com
19 February 2014
No, you are not eligible.. Reason 1. 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.. second..- .Deduction available if Interest is been paid during the previous year and was paid out of income chargeable to tax which means if repayment is made from income not chargeable to tax than deduction will not available.
CAclubindia
