Is there any section in Income tax where we have provision to claim income Tax benefit on self education (Ex: Fees paid for excecutive MBA) Please let me know the details Regards-Ramesh
From Singapore, Singapore
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5From Singapore, Singapore
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Hi Ramesh,
Please refer to section 80E of the Income Tax Act, which pertains to loans taken for self-education. Interest paid on a loan taken for self-education is exempt up to Rs. 40,000.
Please visit the following link for more details: in.rediff.com/getahead/2006/feb/02loan.htm
Regards,
Sandhya
From India, Bangalore
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Please refer to section 80E of the Income Tax Act, which pertains to loans taken for self-education. Interest paid on a loan taken for self-education is exempt up to Rs. 40,000.
Please visit the following link for more details: in.rediff.com/getahead/2006/feb/02loan.htm
Regards,
Sandhya
From India, Bangalore
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Dear Ramesh,
I saw the thread which is around 2 years old, but I am also in the same situation. I am pursuing a part-time Executive MBA and would like to know if you are able to figure out if we can claim any exemptions. Your early reply will be appreciated.
Regards,
Rajesh
From India, Bangalore
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I saw the thread which is around 2 years old, but I am also in the same situation. I am pursuing a part-time Executive MBA and would like to know if you are able to figure out if we can claim any exemptions. Your early reply will be appreciated.
Regards,
Rajesh
From India, Bangalore
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Dear Mr. Ramesh,
If it is self-financed, then you will not get any rebate. The section 80E of the IT Act clearly shows that a rebate can be availed on the interest paid on a loan (in the previous year) taken for higher education. There is no limit regarding the amount up to which you can avail benefits; it is limitless. However, there is a limitation on the number of years up to which you can claim it, which is 7 years.
For more clarification, simply type '80E' on the website of the IT Department, and you will get to know all the required details.
Regards,
Atul D
From India, New Delhi
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If it is self-financed, then you will not get any rebate. The section 80E of the IT Act clearly shows that a rebate can be availed on the interest paid on a loan (in the previous year) taken for higher education. There is no limit regarding the amount up to which you can avail benefits; it is limitless. However, there is a limitation on the number of years up to which you can claim it, which is 7 years.
For more clarification, simply type '80E' on the website of the IT Department, and you will get to know all the required details.
Regards,
Atul D
From India, New Delhi
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