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April 14, 2021

Deduction under Section 80E: Interest on Loan for Higher Education

Deduction under Section 80E: Interest on Loan for Higher Education

by Web Dev / Sunday, 25 March 2018 / Published in Uncategorized

Deduction under Section 80E: Interest on Loan for Higher Education

This deduction is allowed only to an Individual for the amount of interest paid on education loan, i.e. any course pursued after passing Class 12th or equivalent. The deduction cannot be claimed for repayment of principal amount of loan.

The loan can be taken for education of either self or spouse or children (including any person of whom such individual is a legal guardian).

The loan should be taken only from financial institutions or any approved charitable institution as notified by Central Government.

Deduction shall be allowed for the entire amount of interest. This means there is no bar as to maximum amount of deduction that can be claimed. Although it is allowed only for 8 assessment years starting from the year in which first payment of interest is done.

For instance, X takes a loan from an approved charitable institution amounting to Rs. 40,000 repayable in 10 annual equal instalments at an interest rate of 10% p.a. in Financial Year 2015-16 so that his wife can pursue a Master’s degree in Commerce.
He pays back Rs. 8,000 in Financial Year 2016-17 (Rs. 4,000 towards principal amount and Rs. 4,000 towards interest).
Under Section 80E, he can claim deduction of Rs. 4,000 (interest part of Rs. 8,000) in Financial Year 2016-17 (Assessment Year 2017-18).

Similarly:

Year Financial Year Outstanding Loan Interest Payment 80E Deduction
1 2016-17 40,000 4,000 8,000 4,000
2 2017-18 36,000 3,600 7,600 3,600
3 2018-19 32,000 3,200 7,200 3,200
4 2019-20 28,000 2,800 6,800 2,800
5 2020-21 24,000 2,400 6,400 2,400
6 2021-22 20,000 2,000 6,000 2,000
7 2022-23 16,000 1,600 5,600 1,600
8 2023-24 12,000 1,200 5,200 1,200
9 2024-25 8,000 800 4800 Nil
10 2025-26 4,000 400 4,400 Nil

 

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