Section 80E Deduction is allowed on interest paid for an educational loan taken from a bank or financial institution for pursuing higher education after high school. The total amount of interest paid on an education loan taken for self, spouse or children can be claimed as a deduction. There is no maximum limit on the amount of deduction and the entire amount of interest paid can be taken as a deduction.
Section 80E deduction can be Tax benefit can be claimed on a educational loan taken pursuing a course in a foreign college or university. Most educational loans not only cover tuition or college fees but also other incidental expenses for pursuing such studies like hostel charges, transport charges, etc.
After section 80DD of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 1995, namely:
80E. Deduction in respect of repayment of loan taken for higher education.
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