In this video, we will discuss some of the most important aspects of tax deductions for education loans
Edited Highlights
0:02 In this video, we will discuss some of the most important aspects of tax deductions for education loans
0:35 You get tax deduction under Section 80E for interest repayment of education loans
0:43 This means that you don't get tax deduction for the principal repayment of your education loan
0:53 You also get unlimited amount of tax deduction for interest repayment of your education loan
0:59 There is also no restriction on the interest rate charged for your education loan to avail income tax deduction
1:10 You are eligible for tax deduction for interest repayment for education loans taken for higher studies in India and abroad
1:24 You need to check whether your education loan provider is eligible to provide tax deduction for your education loan
1:39
All scheduled public sector banks and eligible non banking financial
companies (NBFCs) provide education loans eligible for income tax
deduction
2:07
The income tax deduction for education loans can be availed when the
repayment period starts which is typically after the period of study
gets over plus some extra period
2:48 Remember, the person taking the education loan is eligible for the income tax deduction
