Sec 80E of Income tax act
We can claim interest deduction for Education loan of Self/Spouse/Children. The loan should be for the purpose of Higher education , not only in India but also abroad. The Legal guardian of the student can also take deduction under this section. This deduction only applies to Individuals.
This deduction is over and aboce 80C deduction. There is not maximum limit for the deduction under this dection. However loans need to be taken from Financial Institutions or Approved charitable institutions only.
However, The deduction would be available for a max period of 8 years only starting from the year the individual pays interest.
A Loan statement has to be obtained as a proof for claiming this deduction