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#1
9th November 2016, 08:06 PM
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Detailed information about tax under Bank Education Loan policy?
I don't understand about the tax issue under Bank Education Loan scheme. Can I get the brief information about tax issue of Bank Education Loan. Waiting for your kind response.
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#2
11th November 2016, 10:22 AM
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Re: Detailed information about tax under Bank Education Loan policy?
You can get tax benefit while repaying the interest of the education loan. As per income tax law of India, the interest you are paying for education loan will be waived off from your taxable income. Hence your taxable income will be reduced and you will need to pay less tax. You will need to provide proof of your interest payment to the income tax authority in the form of statement from the financial institutes from which you had taken education loan. The education loan should be for yourself/spouse/children/legal guardian.
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