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of <h1>Claim Tax Deductions on Education Loan Interest Under Section 80E: Key Eligibility and Limitations Explained</h1> Section 80E of the Income Tax Act allows individuals to claim deductions on interest paid for loans taken for higher education. This deduction is exclusive to individuals, not applicable to Hindu Undivided Families or other entities. The loan must be from a financial institution or approved charitable institution and used for the education of the individual, their spouse, children, or a student for whom they are a legal guardian. The deduction covers the entire interest amount without a cap, but not the principal repayment. It is valid for up to eight years from the start of interest repayment, provided the interest is paid from taxable income. The loan must be in the individual's name, and deductions are not applicable for loans from employers, family, or friends. This deduction is in addition to other Chapter VI A deductions.
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