How to avail tax benefit under 80E

The deduction u/s 80E is available to the assessee for the payment of interest on education loan taken for his higher education or his relative, i.e., the spouse and children of that individual or the student for whom the individual is the legal guardian.

You may decide who should get the benefit of the deduction u/s 80E, whether yourself or your parents/spouse/children.

You may take a certificate from the bank every year for the payment of interest on the education loan during the financial year. This should suffice.

Hi

Yes, deduction in respect of interest on such loan can be claimed under section 80E. The deduction shall be available in the year when the loan is taken and succeeding 7 years.

The above document will be enough to claim the deduction. Please also take a complete loan statement from the financial institution stating the installments (bifurcated into interest and principal) over the years of loan.

If you are taking a loan , you need to comply with the requirements as specified by your bank like security, guarantee and credit worthiness.

These would be enough to know.

Hi,

Yes, you can claim the deduction under section 80E. The certificate given in the above link will be sufficient to prove the claim.

Please feel free to call/ revert in case you need more clarity.

Thanks and regards

Abhishek Dugar

CA CS B.Com