Deduction under Sec 80E for Loan for Bank Guarantee

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  1. Shekar.Nov55

    Shekar.Nov55 New Member

    Dear Sir,

    Namaste. I have taken mortgage loan from Bank . The loan amount is kept in another Bank as Cash margin to issue a Bank Guarantee favouring NUS,Singapore to permit my son to go to US to pursue PG Course. Without this BG, he can not do PG in US. I am paying interest on this loan . Please clarify whether I can avail deduction under Sec 80E for the interest paid on the loan ? If so, kindly provide any precedence or case law on this matter. Thank You.
  2. Shishir Nayak

    Shishir Nayak Member

    Yes you can avail deduction u/s 80E if loan is in your name. Further this deduction is available when you start paying the loan and available upto 8 years or upto full payment of loan which ever is earlier.
  3. Shekar.Nov55

    Shekar.Nov55 New Member

    Would you provide any judicial precedence in a similar case ?
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