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What is the exemption in Income Tax for repayment of Education Loan taken for Higher Studies of my son?
October 20th, 2011 
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Under section 80E, If you are an Individual, for the assessment year 2008-09 and subsequent years, you can get deduction from your Gross total income, for all the interest paid on such loan (100%). But you cannot get any deduction for repayment of principal. The interest can be deducted for the initial assessment year and for seven successive years, or until the interest is paid in full, which ever is earlier.
Read about Eduction Loan deductions section 80E http://mytaxes.in/index.php?topic=46.0
You can repay interest on education loan upto Rs.40000/- for 8 yrs – u/s 80E
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