Education and Career Forum

Hello,
What is the maximum amount which I can claim for Tax Rebate if I have taken Education Loan of Rs. 400000 only irrespective of the amount which I give to bank?

As per the Income Tax Act, Section 80E, the entire interest paid on the education loan during the financial year can be claimed as a deduction from the total taxable income. There is no upper limit on the amount of interest that can be claimed as a deduction. Therefore, if you have paid interest of Rs. 50,000 on your education loan, you can claim the entire amount as a deduction while filing your income tax return. However, it is important to note that this deduction can only be claimed for a maximum of 8 years from the year in which the repayment of the loan commences.