Here's how your expenditure on education can fetch you tax benefit
Updated : February 06, 2019 03:19 PM IST
Payment made towards the tuition fee is eligible for tax deduction under section 80C of the Income Tax Act. A parent can enjoy the tax deduction for tuition fee paid to any school, college or university.
The education loan must be taken from a financial institution or a charitable institution. The interest can be claimed for eight years in a row or the loan repayment term whichever is lower, starting from the year in which the repayment begins.
You have to get a certificate from the lender specifying the amount of interest you paid in a financial year.