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children fees deduction q

pankaj chaubey (CA) (25 Points)

02 September 2008

Dear Sir,

I want to know how much deduction is allowed under sec 80 for an individual having propritery business

for school fees. is there any limit

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6 Replies

yogesh dave (service) (376 Points)
Replied 02 September 2008

i think u mean 80C under IT Act, if so, that is 1 lac not only for proprietory business, it is for all individuals.

CA Ravish Trivedi (The Possibilities are Infinite...) (772 Points)
Replied 02 September 2008

Earlier it was 12,000 but now it can be upto 1 lac under sec 80c.

CA Annie (Chartered Accountant ) (747 Points)
Replied 03 September 2008

Total exemption u/s 80C is Rs. 100000. It includes the amount of tuition fees. There is no specific limit, it is subject to Rs. 100000

Mahendra (Chartered Accountant) (53 Points)
Replied 21 October 2008

Originally posted by :pankaj chaubey

Dear Sir,
I want to know how much deduction is allowed under sec 80 for an individual having propritery business
for school fees. is there any limit

Children education allowance @ Rs. 100 p.m. per child, maximum of 2 children. Children hostel allowance @ Rs. 300 p.m. per child maximum of 2 children is exempt.

praveen (Chartered Accountant) (6971 Points)
Replied 21 October 2008

Originally posted by :Mahendra
"	Originally posted by :pankaj chaubey " Dear Sir, I want to know how much deduction is allowed under sec 80 for an individual having propritery business for school fees. is there any limit Children education allowance @ Rs. 100 p.m. per child, maximum of 2 children. Children hostel allowance @ Rs. 300 p.m. per child maximum of 2 children is exempt. " children education allownace and hostel allowance is deductible only from salary and not for a person having business income. However take care while claiming tution fees not to include computer, library or other misc fees. This should also be observed that the amount of deduction under section 80C is only 100000 .	"