Yes friends, let's move ahead to the next section, is the
point clear till now?
Let's go friends, 80E is a new section, a very interesting
section.
In the future, this section will definitely be very useful
for you.
And the name of the section is Section 80E, E for Education.
It takes a lot of hard work to get an education, friends.
You have to say that you are taking education, you are
working hard in life.
But to complete the education, sir, ask us how many papads
do you have to roll?
And with those papads, which you will keep to dry on the
roof, you will also dry yourself, sir.
It takes a lot of hard work to get a good qualification.
It takes a lot of hard work, friends, a lot of money.
You see the fees of any top MBA college today, below 15-20
lakhs, you will not get any fees.
Now sir, there is a fee of 15-20 lakhs, no one will give a
job without education.
That mind will not open up without education, that which
business should I do?
So what will I do in life?
Will I study somewhere in life or not? Will I live like
this all my life?
Whose responsibility should have been of education in
actual?
Why shouldn't it be of the government?
They should have come up with such a policy that free of
cost, on a nominal amount, the education should have been
completed.
But did this happen? No.
If you go to any private college, you will see so much fees
that a person will sell his house and pay the fees.
Check the fees of MBA, check the fees of engineering.
So what should a person do?
In such a situation, there is an old man, who drives a
rickshaw, and he is thinking that my son should do MBA from
IIM Ahmedabad.
His son worked very hard, got coaching, he started driving
rickshaw day and night, he drove the rickshaw a lot, and
after driving the rickshaw, he collected some money, got
coaching from them, and the exam of CAT was given to the
boy, and the letter of the boy's call came, of IIM
Ahmedabad.
Demand came out from there that the fees of MBA will be of
20 lakhs, but there is a guarantee of this, that when your
son will graduate from MBA, we will get him a package of
15-16 lakhs.
Don't worry.
Okay, a package of 15-16 lakhs will be given, the poor
rickshaw driver's future is safe,
but to reach 15-16 lakhs, how will he spend 20 lakhs at
this time?
For this, the government came up with a scheme, called all
the banks and said, do one thing, start giving a new loan,
whose name is student loan, whose name is education loan,
so that people don't have to stop their education because
of their lack of money.
Don't let this happen.
Once their education is completed, take that education loan
in the name of the child, when his salary will be of 15
lakhs, from that he will slowly pay off the loan.
There is no pressure on the father, the child's education
is also completed.
This is called education loan.
But tell me, the education loan that he has given, the
interest he will pay on it,
is it a cost for him or not?
Yes or no?
Is it a cost or not?
The person who is repaying the loan, is it a cost for him?
So the government says, you are spending on that thing,
which was ideally ours, we should have done the right
thing, we should have made good and cheap colleges.
But now you are studying with a loan, you have studied, on
top of that you are repaying the loan, you are giving
interest on it, so of that interest, what will we give you?
Deduction.
In which section?
Section 80E.
Student loan, you get its deduction in section 80E.
Is there a limit for this?
Sir, when there is no limit for studies, this is an
infinite ocean, education, as long as you can study as much
as you want,
then why should we have a limit for this?
The amount of interest you are giving, you can claim your
entire deduction.
For how many years can you claim?
Sir, I have been doing this all my life,
I don't want to do this all my life.
From the year you start giving your interest, see for 8
years, for 8 years, the interest you will give, you will
deduct it from your gross total income.
Let's see an ad, through this ad, if you still have any
pending education loan,
then that point will be cleared.
Try to understand.
See.
Mr. B has taken three education loans.
I can take as many education loans as I want.
If you are a legal guardian, you are taking loans for your
wife and children.
You can take as many loans as you want.
You will get an interest deduction of up to 8 years.
This is the concept.
He has taken three loans.
Education loans are MBA, BSc, BA.
He is taking one loan for himself, one for his son and one
for his daughter.
Annual repayment of interest is Rs. 20,000, Rs. 10,000 and
Rs. 18,000.
Will you get a principal deduction?
You are not getting any deduction for the principal.
You are paying extra interest.
How much should you get in this case?
Rs. 20,000 plus Rs. 10,000 plus Rs. 18,000.
The answer is Rs. 48,000.
You should get a deduction of Rs. 48,000.
Let's see the answer.
The answer is Rs. 48,000.
Is the point clear?
Is there any problem?
Let's go to the next section.
Don't lose hope. These are small sections.
Once you understand, life will become easier.
People don't know these things.
People don't claim income tax in return.
They keep paying tax on a high income.
If you read this chapter, you will understand.
You will save your own tax.
Along with that, you will save the neighbors around you.
You will do good.
People will come to your house and ask,
Mr. C.A, please tell us.
How should we do it? What should we do?
Friends, you should know all these things.
You are studying tax.
You are a tax consultant.
Don't assume that you are a student.
You have come to Sharan.
You are a tax consultant.
Let's go.
He used to say that if you have taken a loan to build a
house and if you were giving interest on that loan, then we
had given a deduction for that there.
The government is giving a deduction of the same interest
here as well.
Sir, tell me one thing, why is the government so kind to us?
Why is the government so kind to the house property owners?
The objective of the government, I had told you in the
beginning of the lecture, what is roti, cloth and house.
The objective of the government is that no person should be
helpless, should not sleep on the road.
Every person should have a roof over their head.
If you have a roof over your head, then security in life is
of a different level.
This is why the government is motivating people to build
their houses as much as possible.
We know that investment is required to build a house.
If you take a loan, then we will do one thing, when you pay
interest, we will deduct that interest from your gross
total income.
What will this do?
This will motivate people to build a house.
If you give rent, then you are not getting much of rent.
But if I am paying interest on a home loan, then I am
getting more benefits.
So the government is motivating people.
This is section 80EE.
Keep reading with me and build your confidence.
It says that there is an individual who has taken a loan to
buy a residential house from a bank or financial
institution.
The interest he will pay on it will be deducted.
There are some conditions that the loan should be taken in
16-17.
16-17 means from 14-16 to 31-3-17.
If you have taken a home loan between 14-16 to 31-3-17,
then you will get this deduction of interest.
Suppose I did not take a loan between 14-16 to 31-3-17, I
was sleeping.
I took a loan after 17.
What should I do now?
For that, you will come to our next section.
The dates are written there.
We will cover it there.
We will definitely give you benefits.
Without benefits, we will not let you go.
The way you hit my back with your first look, I enjoyed it.
You are listening, right?
I am reading.
I don't know what to say.
Sir, I am just going here and there in the flow.
He is saying that the condition is that the loan should be
from 14-16 to 31-3-17.
The value of the house should be up to 50 lakhs.
The loan should be up to 35 lakhs.
And the day he goes to the bank to take a loan, he should
not have any other house.
He took a loan.
Between 14-16 to 31-3-17.
The day he is going to take a loan, does he have a house?
No.
Okay, very good.
What is the value of the house?
Up to 50 lakhs?
Yes.
Is the amount of the loan up to 35 lakhs?
Yes.
Yes, then everything is fine.
When you pay the interest, you take the deduction of that
interest.
And how much should you take?
Up to 50,000 rupees.
Up to 50,000 rupees?
Take it.
So, sir, this is a double benefit.
Your total interest will go.
Assume that your total interest is 3 lakhs for the whole
year.
Okay.
We had said in section 24B that how much maximum you can
take if it is a self-occupied property.
If you remember, 2 lakhs.
2 lakhs went from 3 lakhs.
And in this section, what is it? 80EE.
How much will you take in this?
50.
You paid the interest of 3 lakhs and you took 2.5 lakhs.
If you take extra from your pocket, it will go up to 50,000.
This is a benefit, a recovery.
Look at this, sir.
Is the point clear?
You can note this.
Let's move ahead.
This is a very small section, friends.
But if you read it, you will understand.
I am telling you, don't work for a client.
You will build your own house.
I want all of you to buy a house together.
I want you to progress so much.
When you buy a house in the future, somewhere in your mind,
it will click that I have to take its deduction.
It shouldn't happen that your income remains and you don't
minus it and you pay tax on the excess income.
Friends, never do this.
If you have taken a class, remember to take the benefit.
Friends, look at the next section.
80EEA.
It is the same section, but he has changed the amount.
The amount we were telling, what did he do with the amount?
He is talking about the stamp duty value.
Look, what is he talking about the stamp duty value?
He has made the stamp duty value 45 lakhs.
Okay?
And how long is he taking the loan?
1, 4, 19, 31, 32.