08 June 2008
my son has taken two loans from different banks for the same purpose. he has started paying back the loan.is there any rebate or exemption while calculating his taxable income?
09 June 2008
The loan taken for Higher education of your self or any of your family member. Then in that case sec. 80E provides deduction of amount of Interest to the extent of Eight years starting from the A.Y in which the assessee starts paying the interest on loan or until the interest has been paid in full. Higher education means Full time study for any graduate or post graduate course in engineering, medicine, management or for post graduate course in applied science or pure science, including mathematics or statics.
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