We are here with the 15th episode of Loanflix, titled, ‘Education loan income tax exemption: Section 80 E’. This episode is going to be absolutely interesting as Damini talks about how you can claim an education loan income tax exemption by declaring your education loan interest under Section 80 E of the Income Tax Act.
An education loan repayment is the next major concern on the mind of an applicant after loan disbursement. Many applicants are constantly in search of various provisions by the Govt. of India to save at least a small portion of their interest amount. Section 80 E of the Income Tax Act is one such provision, where loan applicants are exempted from paying a certain percentage of their tax amount. This 15th episode of Loanflix addresses most of the basic concerns of loan applicants regarding Section 80 E.
Loanflix is the most comprehensive web-series on abroad education loans. The motive is to empower students and their guardians so that they can take an informed decision about the education loan.
In this 15th episode of Loanflix, the speaker, Damini Mahajan covers the following important points.
What is Section 80 E?
Many of you may be familiar with Section 80E. However, have you ever wondered how exactly this section can be applied to avail an education loan income tax exemption? Can this section be claimed by candidates who have applied for an education loan with foreign NBFCs?In this part of the 15th episode, our speaker explains the clauses stated in Section 80 E of the Income-Tax Act and also who can avail it.
Key features of claiming an education loan income-tax exemption under Section 80 E
Who is eligible for an income-tax exemption under this section? Is it the loan applicant or the co-applicant? Can the co-applicant benefit from Section 80 E? If yes then how can that be done? Learn all about who gets to avail the benefit of Section 80 E and how to go about it, in this part of the episode.
Exactly how much money can be saved by opting for an education loan income tax exemption?
How much money does one end up saving under Section 80 E? Is this a significant amount? Is there a fixed percentage of the amount that can be saved? Or does it vary? If it does, then how does the variation occur? Know the answers to all these questions by watching this portion of episode 15.
How does one claim the Education loan income tax exemption?
Now that you have understood the concept of how Section 80 E of the Income-Tax Act works, its time to know the most important aspect of the whole process. How does one avail an education loan income tax exemption under the said section? What is the exact procedure to avail this exemption? Does the percentage of interest amount saved depend on the co-applicants salary? Does it vary according to the percentage of tax paid by them? Know all about it from our expert, Damini Mahajan, in this part of the 15th episode of Loanflix.
Section 80E may not be beneficial to you under these circumstances
Although the speaker mentions numerous benefits of availing an education loan income tax exemption time and again in this 15th episode, did you know that under certain circumstances, this may not benefit you significantly? Know what those situations are, by watching this part of the episode.
Loan applicants who want to repay their education loan without any financial baggage may be familiar with the subsidy schemes introduced by the Govt. of India, with Section 80E topping the list. However, not many know the exact provisions of this section. Whenever you opt for a subsidy scheme, it is always essential to weigh whether it will be profitable to you in the long run. Never fall for any scheme just because it helps reduce the loan repayment amount. Always opt for these schemes in such a way that you get to avail the maximum benefit of the scheme. This is what we discuss in the 15th episode of Loanflix-abroad education loans simplified. In the 16th episode of Loanflix, we are going to talk about some of the subsidy schemes introduced by the Govt. of India for education loan applicants. So stay tuned and look out for this section of our website to avoid missing the latest updates on our up and coming episodes.
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Timezone : (GMT+05:30) Chennai
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Damini is the Cofounder & CEO of WeMakeScholars.com. It’s a BITS start up supported and funded under the IT Ministry, Govt. of India. The organisation’s motive is to offer unbiased collateral/non-collateral based education loan support to students who are planning for studying abroad. As this initiative is under the digital India campaign, it's at free of cost. WMS works with 14+ banks (public/pvt) in India and help you get the best edu loan matching your profile.
Prior to launching WeMakeScholars, Damini had done her masters from the University of Sheffield, UK. Her education was funded under the Developing Solutions Masters Scholarship which covered her full tuition fee ($ 38,000). Damini is also a gold medalist in her Bachelors and also won the outstanding student award from the Vice president of India.
She was the speaker at TiECon 2016 at Silicon valley, San Francisco in the social entrepreneurship segment. She was also covered in the Asian Entrepreneur magazine in the “Women on Top in Tech”, a global series of Women Founders, CEOs & Leaders in Tech.