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Section 80E- Deduction of interest paid on educational loan
If you have taken an educational loan for higher studies (only full time courses) for yourself, spouse or children and paying interest on it, you can avail the deduction for the interest so paid.
Entire interest paid would be eligible for deduction for 8 consecutive years, there is no deduction for principal repayment
To be eligible under this section, loan must be taken from an approved financial institution like banks or charitable trusts