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Deduction for education loan interest allows individuals to deduct interest paid for higher education of self or relatives. An individual may deduct interest paid on a loan from a financial institution for pursuing higher education for himself or his relatives. The deduction applies in the initial financial year when interest payments commence and in the seven immediately succeeding financial years or until the interest is fully paid, whichever is earlier. Definitions supplied include 'financial institution' as banks or notified institutions, 'higher education' as post-senior secondary courses recognised by government authorities, 'initial financial year' and 'relative' as spouse, child, or a student under legal guardianship.
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<h1>Deduction for education loan interest allows individuals to deduct interest paid for higher education of self or relatives.</h1> An individual may deduct interest paid on a loan from a financial institution for pursuing higher education for himself or his relatives. The deduction applies in the initial financial year when interest payments commence and in the seven immediately succeeding financial years or until the interest is fully paid, whichever is earlier. Definitions supplied include 'financial institution' as banks or notified institutions, 'higher education' as post-senior secondary courses recognised by government authorities, 'initial financial year' and 'relative' as spouse, child, or a student under legal guardianship.
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