02 February 2012
if a person take a loan in 2006-07 and interest payment till loan clearance in 2011-12 amounting to rs 150000. Can he claim ded u/s 80E of entire amount in 2011-12. Secondly, can the person take it in this year and following years. Interest is paid in different years and not only in 2011-12.
02 February 2012
Dear Author , point to remember is deduction is availablee in the initial assessment year and seven assessment year immidiately succeeding the initial assessment yearor untill the interest is paid by the assessee in full, whichever is earlier
initial assessment year is the amount in which asssessee starts paying interest amount and not the year in which loan is taken.
interest is available on payment basis the year in which the interest is paid deduction is available
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