Deduction in respect of interest on loan taken for higher education.

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....section, on a loan taken by him from any financial institution or any approved charitable institution, if the-- (a) loan taken is for the purpose of pursuing higher education of himself or his relative; and (b) payment is made out of his income chargeable to tax. (2) The deduction referred to in sub-section (1) shall be allowed in computing the total income in respect of the initial tax year ....