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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, upto, comes, lack, savings, extra

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gowtham kris
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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
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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
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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.

Posted in Personal Finance & Tax by gowtham kris at 10:21 PM on December 19, 2008

Tags tax, benefit, repay, education, loan, heard, upto, comes, lack, savings, extra

Wheather possession of flat /house is a precondition for tax benefit of repayment of principal amount of house loan under 80 c of income tax act?

Yes you must have a possession of a flat /house is a precondition for claiming tax benefit . You get benefit of payment of accued interest and the the principal amount of housing loan under section 80 c but it has limit not whatever you pay to the bank is benefited as reduction of income tax....How can you claim any benefit if you dont have possession of the house? May be you mean that you

Posted in Miscellaneous by Birendra kum at 4:44 AM on February 24, 2009

Tags wheather, possession, flat, house, precondition, tax, benefit, repayment, principal, amount, loan, income, act

waht is income tax

the threshold. A taxpayer may benefit from tax credits to decrease the liability....very bobing subject...Do u think u wud b answered?...the money u beg, n a little part u give the govt. is called income taxfrnd income tax is d payment u have 2 give 2 d government for income u earn by urself ................................... ....................... jocks apart dear frnd it is d tax charged on ur

Posted in Delhi by harish at 4:17 PM on March 07, 2008

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What are the tax benefits of taking an SBI Housing Loan?

Under the Indian Income Tax Act of 1961, resident Indians are eligible for certain tax benefits on principal and interest components of a loan.Under Section 241, interest repayment of Rs.1 as these benefits are governed by Income Tax Act. Benefits are: 1. Rebate upto Rs. 20,000 p.a. on account of loan repayment under Sec-80 C within overall exemption of Rs. 1 lac.2. Rebate upto Rs. 1.50 lacs per annum