Income tax for repayment of education loans

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  1. vishwadev

    vishwadev New Member

    Sir
    I have taken education loan to Peruse my B.tech degree.
    The amount is Rs 6.5 lakh including interest till date.
    I want to pay this amount in Lump sum .
    How much Income tax I would have to pay ??
    Is there any other ways I can save my Income Tax.
    Kindly provide yours valuable suggestion in this regard .

    Thanks & Regards
    Vishwadev
    contact no.-08888849348.
     
  2. V K Khanna

    V K Khanna Active Member

    If you repaying education loan in lump sum, you can claim deduction towards interest component under Sec 80E and save tax. There is no maximum limit for such deduction.
     
  3. jafpa

    jafpa New Member

    Sir/madam if the interest of education loan if we paid on lumpsum,( suppose it is 2lakhs )and our income tax have to pay is 1lakh can we get full exumption of our income rax for that financial year?
     
  4. V K Khanna

    V K Khanna Active Member

    You can claim full deduction towards interest component of education loan under Sec 80E paid during the previous year. There is no cap on the deduction admissible.

    Your tax liability would depend upon the total income chargeable to tax after claiming all admissible deduction under Chapter VI ( including 80E).
     
    jafpa likes this.
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