Deduction in respect of interest on loan taken for higher education.

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..... a loan taken by him from any financial institution or any approved charitable institution, if the-- (a) loan taken is for the purpose of pursuing higher education of himself or his relative; and (b) payment is made out of his income chargeable to tax. (2) The deduction referred to in sub-section (1) shall be allowed in computing the total income in respect of the initial tax year and seven ta .....

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..... ior Secondary Examination or its equivalent from a school, board, or University recognised by the Central Government or State Government, local authority, or by any authority authorised by the Central Government or State Government or local authority to do so; (d) "initial tax year" means the tax year in which the assessee starts paying the interest on the loan; and (e) "relative", in relation .....

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