As the cost of getting quality education continues to increase rapidly, education loans have become a beneficial option for students who dream of studying in top educational institutions.
Edmissions
What are the tax benefits of an education loan?
Individuals who have taken out an education loan can avail of a tax deduction on the interest paid during the loan repayment period under Section 80E of the Indian Income Tax Act of 1961.
According to Section 80E, there is no maximum limit on the amount of interest that can be claimed as a deduction, meaning that all interest payments are eligible for deduction.
What is the highest possible deduction of interest from the income subject to taxation?