Income Tax Deductions Available Under Section 80E - Education Loan

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Deductions Available Under Section 80 E of The Income Tax Act

 

Mrs Usha has a daughter 21 years of age. She could have availed of tax deductions under Section 80 E on the interest component of the education loan taken by her daughter for higher studies. The interest component is INR 70 Thousand per annum on the education loan.

· Education loan is not only beneficial to pursue higher studies but also one can avail of tax benefits under Section 80E of Income tax act. Only an individual is eligible for tax deduction and not a Hindu Undivided Family.

· Education loan can be availed for one's spouse, children and oneself. Loan can be availed to study in India as well as abroad.

· An individual can claim deductions on the interest on loans taken by him from any financial institution or any approved charitable institution for the purpose of pursuing his higher education.

· Tax benefit is only for the interest paid and not on the principal amount.

· Tax benefit can be availed only for 8 years from the date one starts one's first installment. After 8 years one will not be eligible for further tax benefits.

· Loan should be availed from financial institution or any approved charitable institution.

· Only full-time courses are eligible for tax benefit.

· Education loans taken for both regular as well as professional courses pursued after passing the senior secondary examination are eligible for deduction.

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