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Will I get any tax benefit if I repay my education loan. I heard upto 40000 you can get benefit. But will this benefit comes under 1 lack tax savings or extra?  

Asked in Personal Finance & Tax at 6:39 PM on December 18, 2008

Tags: tax, benefit, repay, education, loan, heard

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gowtham kris
gowtham kris
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tax benefit will be on ilakh tax save.

Answered by Vipan Thapar , an ibibo Master, at 1:25 PM on December 19, 2008

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Vipan Thapar
Vipan Thapar

You may save upto Rs. 1 lakhs from tax liability by investing in PPF, GPF, ELSS, NSC, KVP, 5 years FD in a Nationalised Bank, etc.

Repayment of interest on 'home loan' is exempt from tax to some extent beyond Rs.1 lakhs. But, interest on education loan is not exempt from income tax.

Answered by Memb Rane , an ibibo Specialist, at 4:51 PM on December 19, 2008

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Memb Rane
Memb Rane

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Will I get any tax benefit if I repay my education loan. I heard upto 40000 you can get benefit. But will this benefit comes under 1 lack tax savings or extra?

tax benefit will be on ilakh tax save....You may save upto Rs. 1 lakhs from tax liability by investing in PPF, GPF, ELSS,...NSC, KVP, 5 years FD in a Nationalised Bank, etc. Repayment of interest on home loan is exempt from tax to some extent beyond Rs.1 lakhs. But, interest on education loan is not exempt from income tax.

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