WebNov 14, 2024 · Get a Call Back. 1) It is important to know that under Section 80E, one can claim income tax benefit on only on the interest part of the education/student loan. The principal amount of the loan is not included in any tax benefit. 2) In order to estimate the taxable income for a year, one can deduct the total interest amount of the loan paid ... WebApr 12, 2024 · An education loan not only funds higher studies but also provides tax benefit on Student loan. Under Section 80E of the Income Tax Act, the interest part of the loan is …
Opting for new tax regime? Here are a few deductions you can and …
WebApr 21, 2024 · Education Loan tax benefits are only available up to a certain period. Simply put, the year in which you start paying the loan through EMIs, is considered the first year of repayment. Now, including this first year, you can only claim a tax deduction on interest for a maximum of 8 years. WebAug 25, 2024 · The income tax rebate on education loan is available only for the repayment of the interest component of the loan. No tax benefits are available for the principal component of the loan. You can claim the entire interest amount paid by you against your education loan in a given financial year. There is no upper limit on the education loan … linktree directory
Eight benefits of taking an education loan - Axis Bank
WebOct 3, 2024 · Tax benefits for interest paid on education loan. In addition to the above benefit of tuition fee, a person can claim deduction for interest paid on education loan taken to finance higher ... WebStudent loan interest deduction. For 2024, the amount of your student loan interest deduction is gradually reduced (phased out) if your MAGI is between $70,000 and $85,000 … WebFeb 26, 2024 · What is the tax benefit? When you avail an education loan, the interest paid (which is a component of your EMI) on the education loan is allowed as a deduction under Section 80E of the Income Tax Act, 1961. The deduction is available for a maximum of 8 years or till the interest is paid, whichever is earlier. house 1890