My son has availed education loan from bank.He has repaid loan from his salary in the current financial year rs.61817 against principal amount and rs 36183 towards int on education loan.Can he avail educational loan installment prepaid amount under one lac limit of section 88 .SHIRISH BHOODHAR NASIK
1 Answers
Section 88 was only available until FY 2005-06. Now section 80C, 80E etc are available for tax deduction.
Education loan interest deduction can be claimed u/s 80E, but there is no deduction available for principal repayment.
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