Education and Career Forum

Hi everyone, I am giving Income Tax and maintaining file from last 6 years. I have my own small business. Now, I have taken education loan for my Daughter of Rs. 10 Lacs. I want to know that what amount of tax rebate I will get due to this education loan?

There is No such limit of claim amount you can get rebate. In fact there is a clause of 80C , under this section any individual can get a option to show Rs.150,000/- as deduction. In addition to that any individual who can already availed 80c can also show rebate clause under 80E.

In brief ,under 80E any individual of their childenr,wife for the purpose of higher education in India or Abroad, can make use of rebate under 80e.

But important thing you must understand from the point of 80E is only Interest portion can be claimed not Principal amount. Besides you can show up to 8 years only.

So finally I can say that there is No maximum amount to be claimed as Only Interest portion can be shown under 80E.