Deduction for higher education section 80E
According to Income Tax Act,1961 any person can claim deduction for entire amount of interest paid on a loan taken for pursuing higher education
condition for claiming deduction
1 The individual must have taken a loan from any financial institution or any approved charitable institution
2 The deduction is available only to individual assessee
3. The loan must have been taken for pursuing higher education . Such education must be o assessee himself or any of his relatives.
4. The deduction shall be allowed only in respect of any sum paid by him in the previous year by way of
5.Such amount should be paid out of his income chargeable to tax.
Higher education mean any course of study pursued after passing the senior secondary examination or it equivalent
Deduction shall be allowed for eight assessment years starting from the assessment year in which the assessee starts paying the interest on loan or until the interest thereon is paid by the assessee in full
whichever is earlier.
Quantum of deduction:
The amount paid during previous year towards interest.