Income Tax saving for Education Loan?

Question

do I get tax benifit on EMI I pay back ???
do I get tax benifit on interest part of EMI ???
Is there any limit to this benifit ???

When can I claim the Simple Interest part of the Edu Loan for IT benifit ???

Answer 1

Yes , you do get benefit in taxation on account of payment of loan but ONLY ON interest u/s 80E of the I T Act.
The loan must have been taken for higher studies and deduction shall be allowed for 8 assessment years starting from the asst.years in which the assessee starts paying the interest on loan or until the interest thereon is paid which ever is earlier.

Answer 2

1