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

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....ovisions of this 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....

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....r education" means any course of study pursued after passing the Senior Secondary Examination or its equivalent from a school, board, or University recognised by the Central Government or State Government, local authority, or by any authority authorised by the Central Government or State Government or local authority to do so; (d) "initial tax year" means the tax year in which the assesse....