Deduction u/s 80E : Educational Loan for Foreign Courses Allowed if You are Ready for Legal Fight !

These days , the getting educational loan for pursuing various courses by students in India are quite easy and more and more people are finding it tax planning tool as well. But , it is also a fact that many students are taking admission in courses abroad and the banks and other institutions are allowing loans for those courses as well. Now , Income Tax Act has worded the provision of tax deduction on educational loan under section 80E in a way that can be literally interpreted to disallow teh deduction. The post is for clarifying all issues related educational loan including the issue if the loan for courses abroad is also eligible for deduction u/s 80E .