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Interest rebate on education loan
The loan money must be used within what the IRS calls a "reasonable amount of time" on qualified education expenses.
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The interest amount of 3 years including this year.An individual is eligible for income tax deduction under section 80E of Income Tax act only if education loan has been taken for the purpose of his or her higher studies or higher studies of spouse or for any children or student for whom such.If education loan has been taken for higher studies in foreign countries then interest payments of that loan is also eligible for tax deduction under section 80E provided all other conditions of this section is fulfilled.Say, before 2014, the interest accrued was 80,000/- and in 2014 it is 20,000/.A salaried person or a self employed or any other individual who has taken education loan either free paid online survey sites in his or her name for own education or for the purpose of higher education of spouse or any child or the student of whom the taxpayer.One factor to take into account is that you don't want to put off paying off your student loans early just to take advantage of the tax deduction.The advantage of these loans is that they can be repaid after the borrower, or the student, completes the course and starts earning.One of the best way to save tax for those tax payers who have children, who are either just entering college or going to take professional degree course, must think about not investing his own savings in education.financial institution means a banking company to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act or any other financial institution which the Central Government may, by notification in the Official Gazette.Remember, deduction can be claimed by an individual only if the loan has been taken in his/her name.For the IRS, they say whosever name is on the loan is the one who can take the deduction.
Therefore tax planning is a must for all the tax payers.
Tax deduction, besides home loans, repayment of education loan also offers tax deductions.
Note: Earlier to previous year 2006-07 the above deduction was available only for Interest on loan taken and repaid by the assessee for his own studies.
Who can claim benefit of deduction?
Tax benefits, tax exemption.
You can deduct up to 2,500 of student loan interest paid in a given year.
His father is not eligible for deduction, the reason behind this is that loan has been taken.Interest should have been paid for the loan taken for the purpose of pursuing his higher education or of the spouse and children.Here is a guide that will assist you to know tax benefits on education loans.Question 5: I have taken a loan from employer for my own higher studies.Interest should have been paid on loan taken by him from any financial institution or any approved charitable institution for the purpose of pursuing his higher education.Deduction amount: The amount of interest paid is eligible for deduction and moreover there is no cap on the amount to be deducted.Question 1: When I can take tax deduction benefits on education loan under section 80E of income tax act?With more than 70 percent of the country's latest degree recipients using student loans to pay for their recently earned degrees, understanding student loans has become more important than ever.Deduction under this section is allowed from the year of making payment till the end of such payment or 7 succeeding assessment years which ever is earlier.