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It is financial year end and we see people running around for tax savings schemes. What better time to throw some light on tax benefits ofeducation loan.
Education loan not only helps you in financing your MS abroad but it can also help you save some tax. The 80E section of the Income Tax act enables an individual to tax deductions on the interest he is repaying on the education loan. This deduction is applicable only to the interest part of the EMI and not on the principal.
Who can avail this:
An individual can claim this for himself or his spouse or his children. This can be claimed only on the taxable part of the income. It cant be claimed by a company or an HUF or an LLP. Only an individual can claim this. Education loan should be on the name of the individual who wants to claim it. The income should be taxable income.
Limit on the deduction amount:
There is no limit of the deduction within a year. It can be the whole interest part of the EMI paid. Note again, there is no deduction on the principal part of the payment. Home loan deductions are eligible only upto Rs 2Lakh but for education loan there is no limit.
Period of the deduction:
This deduction can be claimed only for 8 consecutive years. Not more than that. It is advised that you complete the repayment of your loan within 8 years.
Where should the loan be taken:
For the purpose of availing the Tax benefit under section 80E, the lender should be 'a bank' or a financial institution mentioned in the official Gazette of India or approved charitable trust. To make it simple for you to understand, it could be either the banks (SBI, Axis, PNB and all the other Indian banks) or Credila. As of now only NBFC I am aware of is Credila.
How to claim:
You need to avail a certificate from your lender regarding the interest paid. It should clearly segregate principal and interest portion.
Exact wordings of the Act can be found on official website
Apply on Yocket Loan assistance to help you with Education Loan from 80E approved financial institutions and banks.
Yocket is the largest regional online community for students with a desire to pursue higher education abroad.
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