Hi, I am paying for education loan which i have taken in the USA, however, I am back in India. I am going to pay this loan for another 2 years.Can I avail tax benefits on the interest I am paying in repayment.
RE:Educcation Loan paying abroad
by Amitabh on Apr 25, 2007 03:33 PM Permalink
Interesting question.However,if you look at the text of Sec 80E,posted in reply to a previous question,you will see that the loan should be taken from an approved charitable institution or any financial institution.Financial institution means a banking company to which Banking Regulation act applies or any other institution which the Central Government notifies by putting in official gazette,including any bank or banking institution referred to in Sec 51 of the Banking Regulation act.In view of the above,I do not think that the benefit will be available.This is only an inference that I draw by reading Sec 80E.
RE:Educcation Loan paying abroad
by venugopal reddy on Apr 26, 2007 02:10 PM Permalink
Hai i am an indian resident will there be any tax on the gift amount recieved from my brother in law who stays in USA
RE:Educcation Loan paying abroad
by Amitabh on Apr 26, 2007 02:17 PM Permalink
Pl see the answer to a previous question.The term relative has been defined there.If the person from whom you receive the gift falls in that definition,there will be no tax on the gift.
