Deduction for Education Loan
An education loan deduction is a tax incentive given to people who avail of loans for higher studies. This deduction is available only on the interest amount paid on the loan and not on the principal amount. Education Loan deduction can be claimed for a maximum of eight years, starting from the year in which interest repayment begins.
The loan should be taken for the higher education of self, spouse, or children or for a student for whom the individual is a legal guardian.
Steps to Claim Deduction
- Navigate to File > Deductions
- Select Section 80E card
- Enter the interest paid during the year
If you still have any further queries, you can raise a ticket to get in touch with us.
Related Articles
Claim Deduction for EV loan
You can claim a deduction on the interest paid towards an electric vehicle (EV) loan under Section 80EEB. This deduction is specifically for people who take loans to purchase electric vehicles for personal or business use. The benefit applies under ...Claim deduction for Home Loan
Buying a home is a major financial goal for many. It often involves taking a home loan. A home loan is a long-term debt but comes with several tax benefits that can ease the financial load. A home loan consists of two parts: the principal amount and ...Deduction against Interest Income
Section 80TTA provides a deduction on interest earned from savings accounts with banks, post offices, or cooperative societies. Note that it only applies to interest from savings accounts, not fixed or recurring deposits. Common Questions: 1. Why is ...Deduction for Royalty income
Royalty income is earned when someone pays to use something you own, like intellectual property or patents. Authors and patent holders can claim deductions on this income under specific sections of the Income Tax Act. Section 80QQB allows authors of ...Claim Deduction for Rent Paid
You can claim a deduction on the rent you pay for your accommodation under the old tax regime. This benefit is only for individuals who don't receive a House Rent Allowance (HRA) from their employer or are self-employed. How is deduction u/s 80GG ...