80E Deduction:Check out the eligible instruments
This allows a deduction for payment of interest of loan taken towards higher education.
Who is it available to?
The deduction can be taken by the taxpayer for his/her higher education loan or for any member of the taxpayer’s family. The amount must have been paid using the taxpayer’s income chargeable to tax.
What is the amount of the deduction?
The entire payment of interest is deductible. The deduction is available for a maximum period of 8 years or till the principal and interest amount have been repaid, whichever comes earlier.
What are the eligible instruments?
The 80E deduction is usable only in the case of loan taken for higher education from a financial institution or recognized charitable institution. In this context, higher education means full-time studies for any graduate or post-graduate course specifically in engineering, medicine, management, applied sciences, mathematics or statistics. Please make yourself familiar with whether your course and subject of study are eligible for this deduction.
Please check with your tax advisor in case from time to time there are changes to the amount of deduction under 80E and the types of education loans permitted.
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Rammohan said :
|Hi, My name is Rammohan. I took education loan when I study engineering.Now i am working in Software industry.I want to submitt the docuemnts which I paid as interest towards my education loan. Can anybody please let me know what are the documents need to be submitted, so that I can get the same from Bank? if yes, Originals or photocopies need to be submitt?|
Victor singh said :
|you don't include section 80 CCF deduction for investment on infra structure dev. fund.|
rakesh sharma said :
|is child education allowance taxable in salary head.pls reply early|