Education and Career Forum

Hello,
I have taken Education Loan Amount of Rs. 305000. My father is a guarantor and he is an employee. He pay the interest of the Loan amount. Is there any way to rebate tax?

Yes, you can claim tax deduction under section 80E of the Income Tax Act for the interest paid on education loan. The deduction is available for a maximum of 8 years or until the interest is fully paid, whichever is earlier. However, the deduction can only be claimed by the individual who has taken the loan and not by the guarantor. Also, the loan should have been taken from a financial institution or approved charitable institution for the purpose of higher education of self, spouse or children. The deduction is available for both full-time and part-time courses in India or abroad.