0
Yes. Repayment of Education Loan amount is eligible for tax deductions as per sec 80 E of Indian tax laws. You can show proof of repayment of education loan and that amount would be deducted from your salary for taxation purposes.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
How can you claim the educational plan paid up?
You can claim the educational plan that you paid up on your tax return. This can only be claimed for the years the loan was taken or paid. For instance, if a loan was in repayment for the 2012 tax year, you can apply the interest payments towards your tax return.
Are fees paid for a loan modification tax deductible?
no you have to claim it as income
You received a loan for 30000 until you get back on your feet do you have to claim it on your tax return?
No, loans are not taxable.
Is there any rebate home loan for single mothers?
According to the Experts of BankBazaar, there is no rebate on home loan interest paid by single mothers (or anyone else for that matter) in India. However, there are certain tax benefits that are available to all individuals who took housing loans. You can deduct the principal and interest components of your loan paid each year, up to certain limits set by the government. You can claim deductions under Sections 80C and 24, Income Tax Act, 1961. Under Section 80C, you can claim up to Rs.1.5 lakh per year towards the principal amounts paid. You can also claim the registration fees and stamp duties you pay. But the total deductible amount under this section is Rs.1.5 lakh. Under Section 24, you can claim up to Rs.2 lakh on the interest amounts paid on your home loan. This applies only if you live in the property. If you’re renting out your house, there is no limit to how much you can claim under Section 24. If you take a joint loan with another person, you can both claim tax deductions (in the ratio of property ownership) up to a maximum of Rs.1.5 lakh and Rs.2 lakh under Sections 80C and 24, respectively. But keep in mind that both co-borrowers must also be co-owners of the property to claim these tax benefits. If the property is being rented out, each co-owner can claim the above-mentioned amounts as tax deductions. So, if you are a single mother in India repaying a home loan, you can claim both these income tax benefits on not just your interest payments but on the principal amounts as well.
If you take out a home equity loan and pay mortgage recording tax is it deductible per IT-256?
If you were to take out a home equity loan and pay for the mortgage recording tax, it would be deductible and the IT-256 form must be used to claim it.
Can you claim your car loan interest at 2008 IRS tax return?
No, personal interest is not deductible...only interest on qualifying home mortgages.
Loan & Credit Line Tax Savings?
Loan & Credit Line Tax Savings This calculator helps determine your tax savings on loans or credit lines with tax deductible interest payments. For a loan payment, select fixed term loan. For a line payment, you can choose 2%, 1.5% , 1.0% of the outstanding balance or interest only.
Who favored repaying national debt and creating a national bank andpassing whiskey tax?
Alexander Hamilton
Where could I find out about a tax refund loan?
A tax refund loan is a loan that is provided to you until you receive your tax refund. You can pursue this option if you have done your taxes and are expecting a refund.
Can the interest charged on your loan principal be deducted for tax purposes?
It varies on the jurisdiction under which the loan was taken out and the purpose of the loan. Generally speaking, if a loan is taken out to benefit a business, the business can claim the interest on that loan as a business expense and offset it against income. A loan taken out for personal reasons, however, does not fit that profile. Interest on a loan taken out for personal reasons, and interest on credit cards, which are basically the same thing, are not tax deductible. In the United States of America, interest you pay on the mortgage of your principal residence could be written off against income. That may not be true any longer. If you have any questions about this, I strongly recommend consulting the tax code of your country, or a competent tax lawyer.
How to qualify fir a loan with a property tax lien ny state?
The lender will require that you pay off the tax delinquencies with some of the proceeds of the loan if it decides to approve the loan. It cannot acquire clear title to the property if there are property tax liens.The lender will require that you pay off the tax delinquencies with some of the proceeds of the loan if it decides to approve the loan. It cannot acquire clear title to the property if there are property tax liens.The lender will require that you pay off the tax delinquencies with some of the proceeds of the loan if it decides to approve the loan. It cannot acquire clear title to the property if there are property tax liens.The lender will require that you pay off the tax delinquencies with some of the proceeds of the loan if it decides to approve the loan. It cannot acquire clear title to the property if there are property tax liens.
Can you get a loan on child tax Benefit?
Try loan express or cashx!
