Unpaid accrued interest of education loan under Section 80
This query is : Open
10 February 2021
I took an education loan in May 2018 for my higher studies. I started repayment of the loan in May 2020. During those two years (FY19 & FY20), the accrued interest on the loan is INR 1.50 Lakh. I have paid all the accrued interest and interest generated in FY21 (Approx 80k ) with EMI and prepayment.
My question to the forum is whether the accrued interest of FY19 and FY20 can be calculated for a tax deduction under section 80E of the Income Tax Act?
Interest generated for FY21 is eligible for tax deduction but I am not sure for interest generated in FY19, FY20, and paid in FY21.
My question to the forum is whether the accrued interest of FY19 and FY20 can be calculated for a tax deduction under section 80E of the Income Tax Act?
Interest generated for FY21 is eligible for tax deduction but I am not sure for interest generated in FY19, FY20, and paid in FY21.
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