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Education loan to employees

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Querist : Anonymous

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Querist : Anonymous (Querist)
09 April 2014 An employee of Pvt. Ltd. company wants a educational for their son's education of Rs. 20 lakhs.
What will be tax implication.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
10 April 2014 if it is interest free loan then you need to calculate the perquisite as interest rate of sbi lending rate for educational loans. if it is interest chargeable then the difference between interest and SBI lending rate will be treated as taxable perquisites

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