IS THERE ANY RESTRICTION OR MAXIMUM LIMIT UP TO WHICH I CAN CLAIM A DEDUCTION UNDER SECTION 80E?
Quality education is the new norm. Competitive job markets have raised the bar for higher education. The cost of higher education in private institutes is 3 times higher than in government institutes. These days, a 4-year medical degree course costs around 15-20 lakhs in decent colleges. Whereas IIM and IITs will charge you anything around 30-50 lakhs. Studying abroad will add up everything from 80 lakhs to 1 crore expenditure. Students relying on international universities also have to pay for travel, residence, mandatory course material, tuition fees, etc. There is education. There are dreams. And thankfully, there are education loans. Hence, Section 80E of the Income Tax Act was introduced to provide some relief to taxpayers paying high education expenses. Now you must think about whom to consult for such tax exemptions. Digilekha is here to solve all your tax compliance services queries. Let’s understand education loan tax benefits and how to claim these tax deductions when y...