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#1
10th December 2018, 01:42 AM
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Maximum amount to be claimed in Income Tax Rebate against Education Loan of Rs. 4 Lacs?
Hi everyone, I am giving Income Tax and maintaining file from last 3 years. I have my own small business. Now, I have taken education loan for my Daughter of Rs. 4 Lacs. I want to know that what amount of tax rebate I will get due to this education loan?
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#2
13th July 2022, 05:49 PM
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Re: Maximum amount to be claimed in Income Tax Rebate against Education Loan of Rs. 4 Lacs?
Deduction can only be claimed only for the interest part of the EMI
There is no limit on the maximum amount which is allowed as deduction. The deduction for the interest on loan starts from the year in which you start repaying the loan. It should also be noted that if the loan tenure exceeds 8 years then one cannot claim a deduction for interest paid beyond 8 years. |
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