Web18 rows · Sep 23, 2024 · In order to promote education, interest paid on an educational loan is allowed as a deduction under ... WebMar 3, 2024 · Section 80EE was first introduced in the Budget 2014 only for 2 years (FY2013-14 & 2014-15) with a maximum deduction limit of INR 1 lakh. However, this …
CA AWADHESH UPADHYAY on LinkedIn: Clarification regarding deduction …
WebApr 11, 2024 · Apart from the deductions for interest on let-out property under section 24(b) and NPS contributions under section 80CCD(2), the new tax regime provides exemptions for the voluntary retirement ... WebIt is available under both old and new income tax regimes. The aggregate income tax deduction limit under sections 80C, 80CCC and 80CCD (1) is Rs.1.50 Lakh and an additional deduction of Rs.50,000 is available under section 80CCD (1B). Read our detailed articles on-. dr douglas homoky kingsport tn
Section 80 Investments - Deductions on Section 80C, …
Only an individual can claim this deduction. It is not available to HUF or any other kind of taxpayer. The loan should be taken for the higher education of self, spouse or children or for a student for whom the individual is a legal guardian. Parents can easily claim this deduction for the loan taken for the … See more The loan should be taken from any bank / financial institution or any approved charitable institutions. Loans taken from friends or relatives don’t qualify for this deduction. See more The loan should be taken to pursue higher studies. It does not matter whether such education loan is taken for higher studies in India or outside India. Higher studies include all the fields of study pursued after passing the senior … See more The deduction for the interest on loan starts from the year in which you start repaying the loan. It is available only for 8 years starting from the year in which you start repaying the loan or until the interest is fully repaid … See more The deduction allowed is the total interest part of the EMI paid during the financial year. There is no limit on the maximum amount that is allowed as deduction. You, however, need to obtain a certificate from your Bank. Such … See more WebThe eligibility criteria for deduction under Section 80E are as follows: Any individual applying for a loan for further studies or higher education for himself or on behalf of their … WebApr 11, 2024 · The exemptions available under the old regime include House Rent Allowance (HRA) and Leave Travel Allowance (LTA). When it comes to deductions, Section 80C is the most popular option that allows ... dr douglas hornick