Deduction in respect of interest on loan taken for higher education - Section 80E

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.... or other type of Assessee. * The Individual must have taken a loan from: (a) Any financial institution, or (b) Any approved charitable institution * Loan should have been taken for the purpose of pursuing higher studies of Individual, Spouse, Children of Individual or of the student of whom individual is legal Guardian. Hence parents are also eligible to claim deduction of interest paid ....

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....ucceeding the initial assessment year or until the interest is paid by the assessee in full, whichever is earlier. The tax benefits on education loan are only valid once you start the repayment and moreover they are only available up to eight years. For instance if your loan tenure exceeds eight years, you cannot claim for deductions beyond eight years. *Initial assessment year means the assessm....