VS Vedhagiri
Chartered Account
[ Scorecard : 53]
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Posted On 08 January 2008 at 15:34
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Dear Colleques
Please let me know how much we can claim for children's education under section 80-C. Should the child be a dependent?
Total thanks : 1 times
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Amit Sharma
article
[ Scorecard : 2549]
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Posted On 08 January 2008 at 15:44
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These are the points:-
(1) A max of Rs 100 p.m. with a max of 2 children.
(2) If child stays in hostel a Max of Rs 300 p.m. with a max of 2 children
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CA Parvin Ahuja
Chartered Accountant
[ Scorecard : 338]
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Posted On 08 January 2008 at 15:48
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We can claim any amount for children education subject to limit of two children but within overall limit under section 80C of One Lac. Act does not specify if the child should be dependent.
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CA Parvin Ahuja
Chartered Accountant
[ Scorecard : 338]
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Posted On 08 January 2008 at 15:48
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We can claim any amount for children education subject to limit of two children but within overall limit under section 80C of One Lac. Act does not specify if the child should be dependent.
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VS Vedhagiri
Chartered Account
[ Scorecard : 53]
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Posted On 08 January 2008 at 15:59
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Is it not Rs 1,000/- per child per month?
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Amit Sharma
article
[ Scorecard : 2549]
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Posted On 08 January 2008 at 16:04
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I am not too sure of what Mr. Parvin Ahuja said,
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CA. Amit Daga
Finance Controller, CA. CS. CFA. CIFRS. M.COM.
[ Scorecard : 8149]
Forum Moderator
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Posted On 08 January 2008 at 16:28
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Yar amit you got a confusion you are talking abt the allowances Under section 10(14)(ii) read with Rule 2BB(2), children's education allowance qualifies for an exemption of Rs 100 per month per child subject to a maximum of two children and any allowance granted to meet the hostel expenditure of the employees children qualifies for an exemption of Rs 300 per month per child subject to a maximum of two children.
Acc to Sec 80 C (xvii) as tuition fees (excluding any payment towards any development fees or donation or payment of similar nature), whether at the time of admission or thereafter,—
(a) to any university, college, school or other educational institution situated within India;
(b) for the purpose of full-time education of any two children of such individual.
(but that should be with in 1 lacs )
So Mr. Vedhagiri you can take a exemption u/s 80C as per provision and income tax does not say any thing abt wheather children is dependent or independent but if you will be read the provision than they are assuming that children is dependent
Amit hope i also cleared your confusion
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CA Anil Jain
Chartered Accountant
[ Scorecard : 642]
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Posted On 08 January 2008 at 16:30
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Mr.Amit You are talking abt Fixed Allowance Exemption u/s 10(14).this is given by employer.
Whereas Mr. Parvin Ahuja is right in their view u/s 80C education fees paid to Full time institution is exempt no limit but should be within the overall limit u/s 80c i.e. rs.10000/-
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Amit Sharma
article
[ Scorecard : 2549]
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Posted On 09 January 2008 at 09:19
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right sirji, thank u
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CA. Amit Daga
Finance Controller, CA. CS. CFA. CIFRS. M.COM.
[ Scorecard : 8149]
Forum Moderator
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Posted On 18 January 2008 at 21:32
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Aniljee if you read my provision carefully than you find it i am rite but still if you feel ... Please clear me i am highly thankful to you ...and as much as my concerned i told him abt both the situtation...waise howz ur study is going on all the best
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