Education loan

553 views 12 replies

Whether principal repayment of education loan is allowed for deduction if it is taken from a  financial institution for higher studies of childrens ?

Replies (12)

no.. only interest payment is deductible u/s 80E

Ok thanks but one more thing if loan is taken in previous year 2005-2006

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. Deduction will be allowed only when actual interest is paid

what is the procedure of taking education loan???

is education loan available for CA OR CS study???

if yes then pls do guide

 

thanking you in advance..

Visit ur nearby any financial institution which offers tha facility of educational loan. Yes education loan can be taken for CA or CS but no deduction is available in the income tax act for this as this is available for full time courses or higher studies or post graduate or graduate courses and CA CS is not full time course. Hence deduction for CA is not allowed.

Thank u sirjee :-)

but 1 more thing is to ask is that is any asset is required to mortgage against such loan???

 

its an unsecured loan and hence the rate of interest would be much higher..

but if taken for courses like CA or CS then it would be beneficial in long run.... :-)

irrelevant.. loan provider needs guarantee of loan repayment.. do u have a guarantee to pass and become a CA?

how can a person give such a guarantee??? :-)

sirjee i need to take education loan for my C.S. study on my brother's a/c in a bank

is it possible???

contact bank..!!

hi

 

refer for more clarity: /forum/faq-deduction-for-interest-on-education-loan-s-80e-of-it-241006.asp

 

Thanks


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register