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What is the maximum deduction available under Section 80E for interest on educat
What is the maximum deduction available under Section 80E for interest on education loans?
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Q1
What is the maximum deduction available under Section 80E for interest on education loans?
Rs. 50,000
Rs. 1,00,000
No limit
Rs. 25,000
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There is no maximum limit for deduction under Section 80E for interest on education loans.
Questions & Step-by-step Solutions
1 item
Q
Q: What is the maximum deduction available under Section 80E for interest on education loans?
Solution:
There is no maximum limit for deduction under Section 80E for interest on education loans.
Steps: 5
Show Steps
Step 1: Understand that Section 80E is a part of the Income Tax Act in India.
Step 2: Know that Section 80E allows taxpayers to claim a deduction for the interest paid on education loans.
Step 3: Remember that this deduction is specifically for loans taken for higher education.
Step 4: Note that there is no maximum limit on the amount of interest you can claim as a deduction under Section 80E.
Step 5: This means you can deduct the entire amount of interest paid on the education loan from your taxable income.
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