Private College Student Loan

section 88E benifit for take higher education loan from bank?

Sir,I am salary persons & take education loan for my son whose admission in M.TECH.(BIO TECHNOLOGY) for 5 years tenure.Now my son passed 3.5 yrs.Yearly fees Rs.75000/= &DD make by OBC.

Public Comments

1. if you have taken the loan then u/s 88e you will get the deduction for the interest only and u/s80c you can claim deduction of tuition fees
2. You can claim exemption on repayment of interest on education loan for 8 yrs - u/s 80E. You can claim exemption on Tuition fees paid for full time education - for 2 children - u/s 80C.
3. Section 80E. For information on deduction for Loan for Higher Education read http://mytaxes.in/index.php?topic=46.0
4. Interest on education loan is deductible from your income. Please note only interest deduction is available. Tuition fees deduction cant be taken by you or your parents, as it is available only for education of two children.