Deduction under section 80E is available on the Interest paid for the loan taken for higher education.
This deduction will only be available if education loan is borrowed from registered financial Institutions in India or registered charitable trusts.
If above-mentioned condition is satisfied then, a deduction is available even if higher education is perceived in a foreign country.
There is no limit in terms of amount that can be claimed as deduction under section 80E, but the limit may be subject to availability of Gross Total Income to the extent of interest paid.
This deduction can be claimed from the year in which repayment of interest begins and same can be claimed for next 7 years, subject to payment of Interest. Under the section 80E any deduction is not allowed after the completion eight years.
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Comments
2 comments
This is very helpful for article for This deduction will only be available if education loan is borrowed from registered financial Institutions in India or registered charitable trusts. under section 80C and theri limits thanks for this article.
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