deduction u/s 80 E of income tax act

Querist : Anonymous (Querist) 12 January 2011 This query is : Resolved
Interest on education loan paid rs. 42000/- but interest debited by bank is 72000/-. My question is which one is allowable u/s 80 E for previous year 2009/2010 ?

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A V Vishal (Expert) 12 January 2011
The provision is crystal clear "In computing the total income of an assessee, being an individual, there shall be deducted, in accordance with and subject to the provisions of this section, any amount paid............", please refer the word paid and there is no reference to accrued interest etc..., hence only Rs.42,000 is eligible for deduction.

soumitra basu (Expert) 20 April 2011
Mr. Vishal is correct. It is not like Interest on House Building Loan.

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