What is the rebate of education loan in the income tax.?
‘80E. Deduction in respect of interest on loan taken for higher education.— (1) In computing the total income of an assessee, being an individual, there shall be deducted, in accordance with and subject to the provisions of this section, any amount paid by him in the previous year, out of his income chargeable to tax, by way of interest on loan taken by him from any financial institution or any approved charitable institution for the purpose of pursuing his higher education or for the purpose of higher education of his relative, “relative”, in relation to an individual, means the spouse and children of that individual.’.
