“I have just cleared my graduation. For my post graduation, I am planning to go for MBA and intent to take a loan for this education. Will I get any income-tax on the loan? Also, can my father avail of the deduction, in case he takes the loan?”
Many students have the same query. They want to know that, if their parents take this education than still it will have tax benefits? Well, Yes. If your parents take an educational loan on behalf of you than also it is tax deductible.
As per Section 80E of the Income-Tax Act, 1961, a deduction can be claimed in respect of interest paid on loan taken for the education of own self or a specified relative (spouse and children of that individual or the student for whom individual is the legal guardian) from any financial institution or approved charitable organization for all field of studies (including vocational studies) after passing the senior secondary education or its equivalent from specified
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