Exemption under sc 80e
R.Varadarajan
(Querist) 19 March 2012
This query is : Resolved
Sir,I am a retd bank officer.I have raised an EDu.Loan in my joint name and son. On Oct 2011 I paid a sum of 22900/ towards the loan account and then after my son started repaying the loan account the same amount towards EMI till date. I did not serve the int till sept 2011 from date of advance in 2009( Rs.7Lacs/)Whether the amount of Rs.22900/ would rank for exemption under section 80E towards my tax returns.If so how could it be accommodated.
please guide
r.varadarajan
A V Vishal
(Expert) 19 March 2012
Only the interest payment qualifies for the exemption u/s.80E, the interest paid by you can be claimed as deduction from your return of income.
C. P. CHUGH
(Expert) 20 March 2012
Deduction u/s80E is allowed for the amount of interest paid during any year as certified by the institution granting loan for higher education. You are required to collect certificate of interest on year to year basis and claim deduction accordingly.
R.Varadarajan
(Querist) 20 March 2012
Sir,I am a retd bank officer.I have raised an EDu.Loan for my son's education for M.S degree in UK in 2009 in my joint name and son .He suceessfully completed and started repaying the EMI from Nov 2011. On Oct 2011 I paid a sum of 22900/ towards the loan account and then after my son started repaying the loan account the same amount towards EMI till date. I did not serve the int till sept 2011 from date of advance in 2009( Rs.7Lacs/)Whether the amount of Rs.22900/ would rank for exemption under section 80E towards my tax returns.If so how could it be accommodated.If I pay the EMI in Mar by cash to his loan account as he could not repay whether that amount would also rank under Sec 80E
please guide
r.varadarajan
