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Which of the following is a condition for claiming a deduction under Section 80E

Practice Questions

Q1
Which of the following is a condition for claiming a deduction under Section 80E?
  1. Loan taken for higher education
  2. Loan taken for purchasing a house
  3. Loan taken for business
  4. Loan taken for personal expenses

Questions & Step-by-Step Solutions

Which of the following is a condition for claiming a deduction under Section 80E?
  • Step 1: Understand that Section 80E is a part of the Income Tax Act in India.
  • Step 2: Know that this section allows you to claim a deduction on the interest paid on loans.
  • Step 3: Identify that the loan must be taken specifically for higher education.
  • Step 4: Ensure that the education is for yourself, your spouse, or your children.
  • Step 5: Remember that the deduction is only for the interest part of the loan, not the principal amount.
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