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I want to know how to get the maximum tax benefit out of repayment of education loan?
can u please let me know if both interest and principal both are exempt for tax purposes and what is the maximum limit?
can u please let me know if both interest and principal both are exempt for tax purposes and what is the maximum limit?
U/S.80E: Any amount paid by the assessee in the previous year out of his income chargeable to tax by way of repayment of interest on loan taken by him from any financial/approved Charitable Institution for the purpose of pursuing his higher education is eligible for deduction in computing total income in respect of the initial assessment year & for seven immediately succeeding assessment years or till the interest is paid in full, whichever is earlier. There is no Limit on the Interest amount.
Principal amount is not allowed for deduction from Gross Total Income.
Principal amount is not allowed for deduction from Gross Total Income.
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Tax-rate-calcul ator_898.xls
Professional Tax.doc
