so I've taken an education loan worth 20 Lakhs, 10% p.a. interest
will graduate next year (24) and wanted to know how do i maximize my tax savings due to my ed loan
if you guys have any other ideas to save taxes apart from this, please tell in the comments, thanks!
You can claim interest paid as deduction u/s 80E of income tax act. There is no upper cap limit on the amount that can be claimed unlike section 80C. So actual interest paid during the year can be claimed as a deduction. However if you opt for new regime taxation this benefit will not be available.
you can save up to 1.5 lakhs by showing interest you paid on your education loan.
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