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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children fees deduction q
Replies (6)
i think u mean 80C under IT Act, if so, that is 1 lac not only for proprietory business, it is for all individuals.
Earlier it was 12,000 but now it can be upto 1 lac under sec 80c.
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
| Originally posted by :pankaj chaubey | ||
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Dear Sir,
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| 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 . |
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ya i agree with praveen's answer
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