Educatiom allowance
This query is : Resolved
06 March 2017
I have spent Rs.2,20,000/- for my one children to avail admission for study at Media & Advertising to a reputed Educational Institution in the F.Y.2015-16. Her age is 18+.. Should I get the exemption of the expenses under IT Act ? Waiting for valued suggestion regarding the matter.
08 March 2017
I have spent Rs.2,20,000/- for my one children to avail admission for study at Media & Advertising to a reputed Educational Institution in the F.Y.2015-16. Her age is 18+.. Should I get the exemption of the expenses under IT Act ? Waiting for valued suggestion regarding the matter.
Read more at: https://www.caclubindia.com/experts/educatiom-allowance-2447624.asp
Read more at: https://www.caclubindia.com/experts/educatiom-allowance-2447624.asp
21 July 2024
Under the Income Tax Act, you can claim deductions for expenses incurred on education under certain conditions. Here’s how it generally works:
1. **Section 80C Deduction:** You can claim a deduction under Section 80C for tuition fees paid for the education of your child. The maximum deduction allowed under this section is up to Rs. 1.5 lakh per financial year, which includes tuition fees paid to any university, college, school, or educational institution in India for the purpose of full-time education of any two children.
2. **Conditions for Deduction:**
- The deduction is available only for tuition fees and does not cover other expenses like hostel fees, travel expenses, etc.
- The education must be in India and must be for a full-time course.
- The deduction can be claimed by an individual for the education of up to two children.
3. **Exemption for Education Allowance:** Apart from Section 80C, there is no specific exemption or deduction available for expenses like media and advertising course fees under the Income Tax Act. Generally, exemptions are limited to specified fields such as engineering, medicine, law, etc., and media and advertising may not fall under the specified categories unless it is part of a broader course recognized by the government.
4. **Consultation with Tax Advisor:** It is advisable to consult with a tax advisor or accountant who can provide guidance based on your specific situation and ensure compliance with current tax laws and regulations. They can help you determine if any other exemptions or deductions might apply based on the details of your child’s education and your overall financial situation.
Given these points, while you may not be able to claim a specific exemption for media and advertising course fees, you should explore if tuition fees can be claimed under Section 80C for any other eligible courses your child may be pursuing.
1. **Section 80C Deduction:** You can claim a deduction under Section 80C for tuition fees paid for the education of your child. The maximum deduction allowed under this section is up to Rs. 1.5 lakh per financial year, which includes tuition fees paid to any university, college, school, or educational institution in India for the purpose of full-time education of any two children.
2. **Conditions for Deduction:**
- The deduction is available only for tuition fees and does not cover other expenses like hostel fees, travel expenses, etc.
- The education must be in India and must be for a full-time course.
- The deduction can be claimed by an individual for the education of up to two children.
3. **Exemption for Education Allowance:** Apart from Section 80C, there is no specific exemption or deduction available for expenses like media and advertising course fees under the Income Tax Act. Generally, exemptions are limited to specified fields such as engineering, medicine, law, etc., and media and advertising may not fall under the specified categories unless it is part of a broader course recognized by the government.
4. **Consultation with Tax Advisor:** It is advisable to consult with a tax advisor or accountant who can provide guidance based on your specific situation and ensure compliance with current tax laws and regulations. They can help you determine if any other exemptions or deductions might apply based on the details of your child’s education and your overall financial situation.
Given these points, while you may not be able to claim a specific exemption for media and advertising course fees, you should explore if tuition fees can be claimed under Section 80C for any other eligible courses your child may be pursuing.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Supply through E-commerce Operators
- STCG....................................................
- TAN for Partnership
- Sales return eway bill
- Relief u/s Section 89
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- REGARDING GST LIABILITY/....
- LTCG for Assmt year 26-27
- STCG FOR GOLD ETFs
- SALE BILL AGAINST GOODS RETURN
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
