Section 80E of the Income-tax Act, 1961 provides that in computing the total
income of an individual, their shall be allowed a deduction of the amount paid
by way of interest on loan taken by him from any financial institution or
approved charitable institution for the purpose of pursuing his own higher
education or higher education of his spouse, or children, or the student for
whom he is the legal guardian. The deduction is available for eight assessment
years beginning with the assessment year in which the payment of interest on
such loan is first made or until the interest is paid in full, whichever is
earlier. This deduction is available to every individual who is liable to
income-tax. No specific funds are earmarked for the purposes of extending tax
concession against interest paid on education loan.
This was stated by Shri Arun Jaitley, Union Finance Minister in written reply to a question in the Rajya Sabha today.
This was stated by Shri Arun Jaitley, Union Finance Minister in written reply to a question in the Rajya Sabha today.
Source : PIB
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