80c

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 July 2013 Dear Sir,
In one of case, to fullfill the shortage of cash in hand, I have to reduced drawing of proprietor from 240000/- to only 40000/- in fy 2012-13. In fy 2012-13 assessee's in children school fees in Rs. 100000/-
.
Whether the assessee still can avail 1 lac benefit u/s 80C or he can avail only below 40000/-

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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21 July 2013 It seems that you have not debited the fees in capital account.
.
If the fee has been shown separately by reducing the Drawings - you can claim.
.
Otherwise ask the assessee about the source and show that in the books.
.

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