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Deduction under Section 80E

Deduction under Section 80E

Under this section, NRIs can claim a deduction of interest paid on an education loan. This loan may have been taken for higher education for the NRI, or NRI’s spouse or children or for a student for whom the NRI is a legal guardian. There is no limit on the amount which can be claimed as a deduction under this section. The deduction is available for a maximum of 8 years or till the interest is paid, whichever is earlier. Deduction is not available on the principal repayment of the loan.

Deduction under Section 80TTA

Non-resident Indians can claim deduction on income from interest on savings bank account up to a maximum of Rs. 10,000 like Resident Indians. This is allowed on deposits in savings account (not time deposits) with a bank, co-operative society or post office and is available starting FY 2012-13.

Deductions not allowed to NRIs

Some Investments under Section 80C:

  • Investment in PPF are not allowed.
    (NRIs are not allowed to open new PPF accounts, however PPF accounts which are opened while they are a Resident are allowed to be maintained.)
  • Investments in NSCs
  • Post Office 5 Year Deposit Scheme
  • Senior Citizen Savings Scheme.

Deduction under Section 80E

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