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  #1  
7th June 2016, 02:39 PM
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How tax can be calculated during repayment of loan amount?


Hello,
I am studying B.Tech through an Education Loan taken from Indian Bank. I have taken Loan amount of Rs. 5.5 Lacs and studying in 2nd year now. Can you tell me how tax can be calculated when I will repay this Loan amount?




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  #2  
9th June 2016, 09:21 AM
SudeepKumarSaha
Senior Member+++++
  
Join Date: Dec 2013
Location: India
Posts: 8,583
Default Re: How tax can be calculated during repayment of loan amount?

Tax will be calculated when you do a job and start repaying the education loan under your name. The EMI which you will be paying to the bank needs to be mentioned in your employer's payroll portal. The total amount which you will be paying the entire year should be mentioned. Then that amount will get deducted from your gross income for the entire financial year . You will need to pay tax for the remaining income if it is more than 2.5 lakhs. You will need to submit the bank statement of proof of your education loan repayment.
Do you have any question? or have anything to say?



« Disbursement procedure of Education Loan amount? | How to calculate EMI of Loan amount of Rs. 6.5 Lacs at 5% interest rates under 5 years of tenure? »

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