Income-tax Act, 1961
Section - 80E - Deduction in respect of interest on loan taken for higher educaÂtion
Deduction in respect of interest on loan taken for higher education.80E. (1) In computing the total income of an assessee, being an individual, there shall be deducted, in accordance with and subject to the provisions of this section, any amount paid by him in the previous year, out of his income chargeable to tax, by way of interest on loan taken by him from any financial institution or any approved charitable institution for the purpose of pursuing his higher education or for the purpose of higher education of his relative.(2) The deduction specified in sub-section (1) shall be allowed in computing the total income in respect of the initial assessment year and seven assessment years immediately succeeding the initial assessment year or until the interest referred to in sub-section (1) is paid by the assessee in full, whichever is earlier.(3) For the purposes of this section,-
| (a) | - | "approved charitable institution" means an institution specified in, or, as the case may be, an institution established for charitable purposes and approved by the prescribed authority under clause (23C) of section 10 or an institution referred to in clause (a) of sub-section (2) of section 80G; |
| (b) | - | "financial institution" means a banking company to which the Banking Regulation Act, 1949 (1 .... To read the full section download the app from Google Play store
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