Take loan for higher studies & save tax

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Take a loan for higher studies & save tax

Section 80E- Deduction of interest paid on educational loan

If you have taken an educational loan for higher studies (only full-time courses) for yourself, spouse or children and paying interest on it, you can avail the deduction for the interest so paid.

Entire interest paid would be eligible for a deduction for 8 consecutive years, there is no deduction for principal repayment

To be eligible under this section, the loan must be taken from an approved financial institution like banks or charitable trusts

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