Section 80E

 Section 80E of the Indian Income Tax Act provides tax benefits on the interest paid on education loan. Individuals can claim a deduction for repayment of interest paid on an education loan taken for higher studies of self, spouse, children or for a student the individual is the legal guardian of.


The deduction is available for a maximum of 8 years from the year in which the loan is first availed or until the interest is fully repaid, whichever is earlier. There is no upper limit on the amount that can be claimed as a deduction.


The loan must be taken from a financial institution or approved charitable institution governed under the Societies Registration Act, 1860, or a public charitable trust formed and registered under the laws in force or approved by the Central Government or any State Government for this purpose.


The education loan can be taken for any course of study pursued after passing Senior Secondary Examination or its equivalent from any school, board or university recognized by the Central or State Government or any other authority authorized by the Central or State Government.


The tax deduction can only be claimed by the person who has taken the education loan, not by anyone else who has been repaying the loan, including parents. If the loan is taken jointly, the deduction can be claimed by both the individuals in proportion to their share in loan repayment.

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