Education Loan

Hi, I am getting Rs 30000 as my monthly salary and paying Rs 7000 interest on my education loan. How Much i need to pay tax? What are the different ways to save my tax? Is bike loan included in tax redemption?

asked Mar 02 '11 at 00:10 by Jaya 1112

You can claim exemption for interest payment towards education loan, under section 80E.

Without knowing more details about your salary structure like HRA, Basic salary, LTA, medical and other allowances, it won't be possible to compute income tax. You may download Income tax calculator and compute your income tax by filling in your salary components.

Bike loan payment cannot be claimed for tax exemption.

To know how you can save income tax, you may read a previous answer here: Tax saving options

answered Mar 02 '11 at 07:46 by Pankaj Batra 5.2k320


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Asked: Mar 02 '11 at 00:10

Seen: 2,565 times

Last updated: Mar 02 '11 at 07:46