Education loan

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 December 2012 Dear sirs,

Whether education loan taken from LIC of India,is deductible under sec 80E?

Thanks in advance.

aadish

aadish (Expert)
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20 December 2012 Yes deductible,
there are 6 conditions for deduction -
1) Assessee should be individual.
2) Had taken loan from financial institution like bank or notified financial institution.
3)The Loan was taken for the purpose for higher education(Full time study for any graduate or post graduate course in engineering, medicine, management, architect)
4)Loan taken for education of himself, from a/y 08-09 spouse or child.
5) Amount is paid by individual by way of interest on such laon
6)amount is paid out of income chargeable to tax.