sanjoyb (Sr. Accounts Executive) (42 Points)
24 July 2012Hi,
Any body can pls. let me know that how much amount is exempted for Children Education Allowance u/s 80C for the F.Y.2012-2013? If one person submits proofs of tution fees of Rs.30,000/- for I.Tax exemption then, can he avail full amount of deduction from his taxable amount?
Regards
Sanjoy
Yajendra Adhikari
(Chartered Accountant)
(334 Points)
Replied 24 July 2012
No Limit... Yes u can get. Overall limit of 80C is 1 Lakhs
Ganeshbabu K
(Audit and Tax Advisory)
(48564 Points)
Replied 24 July 2012
over all ceiling on 80C IS 1 LAKH,THERE IS NO SPECIFIC CELING ON TUTION FEE LIKE THAT
Vineet Goyal
(Assistant Manager - Finance & Accounts)
(702 Points)
Replied 24 July 2012
Children education allowance is exempt u/s 10(14) equal to Rs 100 per month per child upto maximum of two children.
For tution fees, I agree with the above views. However, this amount should include only tution fees. Paid made for development fees or donation or any other payment of similar nature is not deductable u/s 80C.
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