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of <h1>Tax deduction for past interest on education loans for self or relative available from initial assessment year for eight years</h1> An individual may deduct from taxable income interest paid in a previous year on a loan taken from a financial institution or an approved charitable institution for pursuing higher education for themselves or a relative; the deduction is available in the initial assessment year when interest payments begin and for the seven succeeding assessment years or until the interest is fully paid, whichever is earlier. The section defines 'financial institution,' 'approved charitable institution,' 'higher education,' 'relative' (spouse, children, or a student for whom the individual is legal guardian) and 'initial assessment year.'
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