Tax exemption On Education Loan, does it include whole interest or interest generated in the financial year?
I took an Education Loan for my B.E. The loan started in 2005 . I
started repayment in August 2009. My query is the interest levied on
the loan between April 2009 to March 2010 will be considered for tax
exemption or the whole cumulative interest over the period of 4 years
will be considered i.e if principal amount of loan is ‘x’ . Total interest till now starting from 2005 is ‘y’ and interest since 1st april 2009 is ‘z’ . On what amount will I get tax benefit. I have re-payed bank x+y amount. Will i get tax benefit on ‘y’ or ‘z’ ???
Whole interest means interest generated in one financial year
