https://www.taxtmi.com/acts?id=49127 An individual may deduct interest paid on a loan taken for higher education of the individual or a relative, where payment is from income chargeable to tax and the loan is from a financial institution or an approved charitable institution. The deduction is available in the initial tax year when interest payments commence and for the seven succeeding tax years, or until interest is fully paid, whichever is earlier. Definitions of approved charitable institution, financial institution, higher education, initial tax year, and relative determine eligibility and scope. en-us Fri, 14 Feb 2025 17:08:45 +0530 Fri, 14 Feb 2025 17:08:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=49127 An individual may deduct interest paid on a loan taken for higher education of the individual or a relative, where payment is from income chargeable to tax and the loan is from a financial institution or an approved charitable institution. The deduction is available in the initial tax year when interest payments commence and for the seven succeeding tax years, or until interest is fully paid, whichever is earlier. Definitions of approved charitable institution, financial institution, higher education, initial tax year, and relative determine eligibility and scope. Act-Rules Bills Fri, 14 Feb 2025 17:08:45 +0530 https://www.taxtmi.com/acts?id=49127