We discuss the tax savings from education loan or tax benefits from study loan.
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Edited Highlights
00:00 Chapter 1 Introduction
00:02 In this video, we will discuss some of the most important aspects of tax deductions for education loans
00:34 Chapter 2 Tax Deductions for Education Loans
0:35 You get tax deduction under Section 80E for interest repayment of education loans
0:43 This means that you don't get tax deduction for the principal repayment of your education loan
0:53 You also get unlimited amount of tax deduction for interest repayment of your education loan
0:59 There is also no restriction on the interest rate charged for your education loan to avail income tax deduction
1:10 You are eligible for tax deduction for interest repayment for education loans taken for higher studies in India and abroad
1:24 You need to check whether your education loan provider is eligible to provide tax deduction for your education loan
1:39 All scheduled public sector banks and eligible non banking financial companies (NBFCs) provide education loans eligible for income tax deduction
2:07 The income tax deduction for education loans can be availed when the repayment period starts which is typically after the period of study gets over plus some extra period
2:48 Remember, the person taking the education loan is eligible for the income tax deduction
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