You can claim relief in respect of income-tax, if any, withheld by the US-based NGO against the tax liability payable by you. You can also claim deduction for expenses, if any, incurred by you for earning the said professional income. There is no exemption/deduction available for income under consideration.
As the loan is taken by you in the current year, you will be entitled to claim deduction for interest paid to bank on the educational loan for the purpose of higher education of your son, as per the provisions of section 80E of the Income-tax Act, 1961. In the said section, the "higher education" is referred to as full-time studies for any graduate or post-graduate course in engineering, medicine, management or for post-graduate course in applied sciences or pure sciences, including mathematics and statistics.
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