The principal part does not qualify for tax benefit.
Tax benefits, tax exemption.
The loan has been taken from a Financial Institution or a Approved Charitable Institution (not a relative or friend or any other person/entity).Remember, deduction can be claimed by an individual only if the loan has been taken in his/her name.You must be an Individual Tax Payer.Also, there is no upper limit of the rate of interest which will be allowed as a deduction.What is the amount of deduction allowed and rochester sweeps for how many years?
Eltf guides students on rules and regulations governing the education loans offered by nationalised banks.
Are You required to file an IT Return?
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Following is the breakup of your payment for 5 years and the tax benefit you can get: Year, total EMI, principal, interest, tax Benefit* 1 1,30,455 79,378 51,077 10,420 2 1,30,455 88,563 41,892 8,546 3 1,30,455 98,812 31,643 6,455 4 1,30,455 1,10,246 20,209 4,123.Also read 'Immediately' Return Cooking Gas Subsidies: Hindustan Petroleum To Airtel.With rising cost of professional courses and increasing acceptance of loans, Education loan has become quite popular among students and their parents.Anyone who has taken education loan for self, spouse or children, is eligible to claim tax deduction.this has resulted in them contacting politicians and political parties.