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If you have taken an education loan to support your wife’s higher studies, you can avail of tax benefits on the interest paid for up to eight years from the year you begin repayment
To promote women’s education even after marriage, banks allow you to have tax benefits if you take an education loan in the name of your wife. (News18 Hindi)
If you are planning to take a loan for your wife’s education, this news might be of interest to you. If you are getting married or are already married and planning to help your wife with further studies, it is essential to understand the financial benefits available for your wife after marriage.
If a married woman wishes to pursue higher education, she may require financial assistance. In such cases, taking an education loan in her name can offer substantial benefits.
To promote women’s education even after marriage, banks allow you to have tax benefits if you take an education loan in the name of your wife.
Claim Tax Exemption Under Section 80E
If you have taken an education loan to support your wife’s higher studies, you can avail of tax benefits on the interest paid for up to eight years from the year you begin repayment. Under Section 80E of the Income Tax Act, you can claim tax exemption on the interest component for this period.
Currently, as bank interest rates remain high, opting for a long-term loan ensures a fixed interest rate throughout. However, it is important to note that the loan must be taken from a public sector bank or a government-approved financial institution to qualify for these benefits.
For further details, it is advisable to consult a bank official in person. Taking a loan in one’s wife’s name can provide additional financial advantages.
