Private College Student Loan

I want to know about the income tax rebate on the education loan?

If a student takes a loan for studies, if there is any income tax exemption or rebate in income tax on the interest on loan, if yes how much and under which section, of course this rebate will be when he will be in service after completion of his studies

Public Comments

1. Tution fee can be claimed u/s 80C. If a loan is taken for higher studies, then the deduction falls u/s 80E. In this section you can claim only interest on the loan either by the parents or by student if the loan is joint holding. http://www.expressindia.com/news/fullstory.php?newsid=82869#compstory http://in.rediff.com/getahead/2006/feb/02loan.htm In my view, you can claim tution fee u/s 80C, and interest on loan u/s 80E.