Section 80E ITA 1961 deducts INTEREST paid on EDUCATION LOAN:

Question

Accepted Answer

B. WITHOUT ANY CEILING — for higher education (any course after Class XII) of self, spouse, children, or any student for whom assessee is legal guardian; for up to 8 years from year of repayment commencement

1. Section 80E Income Tax Act 1961: deduction for INTEREST paid on EDUCATION LOAN:
2. (i) NO CEILING on interest amount;
3. (ii) Loan must be for higher education of (a) self; (b) spouse; (c) children; (d) any student for whom assessee is legal guardian;
4. (iii) HIGHER EDUCATION: any course pursued after Class XII (or equivalent);
5. (iv) Loan from FINANCIAL INSTITUTION (banks) or approved charitable institution;
6. (v) DURATION: up to 8 YEARS from the year in which assessee starts paying interest, OR until interest is fully paid, whichever is earlier;
7. (vi) Only INTEREST (not principal) is deductible.
8. Hence option B is correct.
_Source: CS Executive Paper 4 Tax Laws (ICSI BoS) + Income Tax Act 1961 + CGST Act 2017 — Income Tax Act 1961, Section 80E_

Answer

only for medical education (cf. Income Tax Act 1961, Section 80E) (cf. Income Tax Act 1961, Section 80E) (cf. Income Tax Act 1961, Section 80E) (cf. Income Tax Act 1961, Section 80E)

Answer

with Rs 1 lakh cap (cf. Income Tax Act 1961, Section 80E) (cf. Income Tax Act 1961, Section 80E) (cf. Income Tax Act 1961, Section 80E) (cf. Income Tax Act 1961, Section 80E)

Answer

only for IIT/IIM (cf. Income Tax Act 1961, Section 80E) (cf. Income Tax Act 1961, Section 80E) (cf. Income Tax Act 1961, Section 80E) (cf. Income Tax Act 1961, Section 80E)