Education loan interest deduction for interest paid on higher education loans for self or relatives, subject to repayment time limits.

Deduction is allowed to an individual for interest actually paid on a loan from a financial institution for pursuing higher education by the individual or specified relatives. The deduction applies from the initial financial year in which interest payments begin and continues for a limited subsequent period or until the interest is fully paid. "Financial institution" includes banks and others notified by the Central Government; "higher education" means post-senior secondary courses at recognised institutions; "relative" means spouse, child, or a ward for whom the individual is legal guardian.

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