How to avail income tax exemption in india?

I am paying around Rs. 250000/- as income tax there is any option to get exemption in paying tax.

Buddy, As per the IT regulations, there are certain deductions that are allowed on the income earned by an individual. These amounts can be subtracted while arriving upon the net taxable salary of an individual. They are HRA, LTA etc. The Income Tax laws allow all individuals who are assessed for income tax exemption from income tax under the following heads. Section 80C The section 80C of the IT laws provide exemption from income tax on amounts that are invested by the individual. This usually includes the amount the individual invests in certified instruments that are exempt from tax There are a lot of other section using which you can reduce your tax.

What is the exemption in Income Tax for repayment of Education Loan taken for Higher Studies of my son?

I have repaid Education Loan taken from a Bank for higher eduction of my son. How much tax exemption can I get this year and under which section ?
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.