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Section 80E

Saurabh Jain (62 Points)

19 January 2018

Is interest on interest allowed under section 80E as deduction?

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prasad Nilugal ( GST Practitioner & Accounts ) (14803 Points)
Replied 19 January 2018

Deduction in respect of interest on loan taken for higher education is allowed under section 80 E . So if you paid interest on loan taken for higher edcuation in the previous is allowed as deduction .

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Saurabh Jain (62 Points)
Replied 19 January 2018

I am asking if interest on the interest amount for late payment would be allowed u/s 80E

sambu sushma (13 Points)
Replied 19 January 2018

No, not allowed
under section 80 E any interest on loan taken for higher education is allowed and not interest on interest for late payment

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vinay kumar (178 Points)
Replied 19 January 2018

no it is not allowed as deduction
.it is not a interest .since it is a penalty.It is pure finance transaction

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Manish Kumar (8 Points)
Replied 19 January 2018

Further 80E can be claimed by individual himself....

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ram madhan (74 Points)
Replied 27 January 2018

What is maximum limit for this one under 80E ??

prasad Nilugal ( GST Practitioner & Accounts ) (14803 Points)
Replied 28 January 2018

Allow as deductions under section 80E - Any amount paid in the previous year only by way of interest on loan taken by him form financial institution for the purpose of pursuing his higher edcution .