finance expet
93 Points
Joined May 2024
You can claim a deduction for the interest paid on an education loan under Section 80E of the Income Tax Act. This deduction is available for a maximum of 8 years or until the interest is fully repaid, whichever is earlier. The loan should be taken from a recognized financial institution or approved charitable organization, and the loan must be for higher education purposes. For instance, Kotak Mahindra Bank offers education loans that qualify for this deduction. Ensure you keep all relevant documents, like interest certificates from Kotak Mahindra Bank, for tax filing purposes.