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Query u/s 80c

sanjoyb (Sr. Accounts Executive) (42 Points)

24 July 2012

Hi,

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

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3 Replies

Yajendra Adhikari (Chartered Accountant) (334 Points)
Replied 24 July 2012

No Limit... Yes u can get. Overall limit of 80C is 1 Lakhs

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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.