80E Tax Rebate

Educating yourself is rewarding in itself but you also get income tax break for doing so. The entire amount you pay as interest on education loan can be claimed for exemption.

Eligibility for 80E

These are the conditions:

  1. Education loan should have been taken from a bank or other financial institution or govt recognized charitable organization for higher education.
  2. Higher education means full-time graduate or post graduate course in medicine, engineering, management or post-graduate course in applied sciences or pure sciences including mathematics and statistics.
  3. Should be paying interest out of your income for education loan for yourself, spouse, children or anyone whose legal guardian you are.

You can claim income tax deduction on the interest part of your education loan for eight consecutive years.

Maximum deduction limit under 80E

The entire interest portion of the loan can be claimed for tax exemption for a maximum of eight years of loan repayment.

How to get 80E tax benefit for education loan

You can submit interest payment bank statement to your company HR and they will apply less TDS on your salary. Else you can still claim it by putting the amount in cell for 80E in ITR form while claim filing tax returns.

Fintotal comment

If you are planning to take an education loan for a long-awaited course avail this tax break.


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