670+ Lawyers are online 
Details about 80E Tax Deduction on Interest Payments
20-Jul-2023 (In Tax Law)
Hi - I am looking to take an education loan from Avanse Education Loans (http://www.avanse.com/) for further study in London, United Kingdom. Would I be able to claim a tax deduction on interest payment made towards repayment? I have been reading online and it seems that 80E benefits are restricted to scheduled banks or 2 gazetted financial institutions which does not include Avanse. Are loans from education NBFCs exempt under 80E as well? Link: http://www.credila.com/why-take-education-loan-from-credila/income-tax-benefits-under-section-80E.html
HI,
1. Yes you can claim tax deduction under section 80e for the interest payment made towards repayment.
2. answer on whether NBFCs exempt under 80E?
Yes loans for education from NBFCs exempt under 80E as well. As explained under section 80E of the income tax act that only loan taken from financial institute or approved charitable institution or NBCs such as a CREDILA- HDFC limited company provides education loan are covered for this benefit. If you have taken loan from other NBFCs then you have to ask that institute whether they are eligible for benefit under section 80E?.
Regard
Bhavishya Mehra
1. Yes you can claim tax deduction under section 80e for the interest payment made towards repayment.
2. answer on whether NBFCs exempt under 80E?
Yes loans for education from NBFCs exempt under 80E as well. As explained under section 80E of the income tax act that only loan taken from financial institute or approved charitable institution or NBCs such as a CREDILA- HDFC limited company provides education loan are covered for this benefit. If you have taken loan from other NBFCs then you have to ask that institute whether they are eligible for benefit under section 80E?.
Regard
Bhavishya Mehra
Helpful?
37+
37+
Adv. Bhavishya Mehra
Delhi | 25+ Answers
CONTACT NOW
Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
Connect with top Tax lawyers for your specific legal issue
No Comments! Be the first one to comment.
"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."
