Very nice post Vaibhav, keep it up! However you also add that one can also get cash by taking a loan against gold which can then be useful to fund your education and can avoid the dilemma of getting an education loan separately.
FAQ– Deduction for Interest on education Loan - S/80E of IT
Page no : 2
V.S.Rajagopalan
(Consultant)
(40 Points)
Replied 05 February 2014
My wife has availed an Edu loan for our son's Higher Education from my Employer who is a central govt PSU. Is she eligible for deduction under sec 80E ( interest charged @ 9.5%). If not what is the remidy. Kindly suggest
PARUL YADAV
(finance expet)
(93 Points)
Replied 24 June 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.
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