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I HAVE TAKEN AN EDUCATIONAL LOAN FROM UNITED BANK OF INDIA.HOW CAN I CLAIM FOR interest DEDUCTION ?
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Education Loans
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Asked by UJJWAL -
1 year ago
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Best Answer:
You can claim interest deduction on education loan under Section 80E if the loan has been taken in your own name. If your parents, spouse or sibling has taken the loan for your studies, then you are not entitled to get tax benefit.
The tax benefits on education loan are only valid once you start the repayment and moreover they are only available up to eight years. For instance if your loan tenure exceeds eight years, you cannot claim for deductions beyond eight years.
Hence it is better that the education loan is repaid within eight years. Unless if the loan amount is very high and it is difficult to afford a high amount of equated monthly installment (EMI), one should not opt for education loan with longer tenure.
To know more about education loans visit rupeetimes.com.
1 year ago - By Anu
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