shankar mazumder (stock trader) (49 Points)
15 November 2017I am paying a total of Rs 1 lac for my kid's eduction every year of which Rs 62,000 is clearly mentioned as tution fees. Now my question is that will this entire Rs 62,000 qualify within the Rs 1.5 lac limit of section 80 C along with other tax saving investments such as insurance etc?
I read somewhere that only Rs 1200 per kid per year qualifies for exemption and hence I am confused
Pardeep Garg
(CA-Final Student)
(801 Points)
Replied 15 November 2017
Vikash
(G)
(393 Points)
Replied 16 November 2017
JIJO YOHANNAN
(Student CA Final )
(89 Points)
Replied 16 November 2017
here is no differential treatment between private sector and government employees for income tax. Tax benefits for tuition fees of children are available under following two sections of the Income Tax Act:
Section 10: Tax exemption for tuition fee of up to Rs 1,200 (Rs 100 per month) per child for a maximum of two children.
Section 80C: In addition, you can claim tax deduction of up to Rs 1.5 Lakh for the tuition fee under section 80C. However, this is a blanket limit available for several things, such as life insurance premium, investments in PPF, ELSS, NSC, etc., taken together.
JIJO YOHANNAN
(Student CA Final )
(89 Points)
Replied 16 November 2017
here is no differential treatment between private sector and government employees for income tax. Tax benefits for tuition fees of children are available under following two sections of the Income Tax Act:
Section 10: Tax exemption for tuition fee of up to Rs 1,200 (Rs 100 per month) per child for a maximum of two children.
Section 80C: In addition, you can claim tax deduction of up to Rs 1.5 Lakh for the tuition fee under section 80C. However, this is a blanket limit available for several things, such as life insurance premium, investments in PPF, ELSS, NSC, etc., taken together.
saurabh chawla
(working)
(114 Points)
Replied 16 November 2017
prasad Nilugal
( GST Practitioner & Accounts )
(14880 Points)
Replied 16 November 2017
Tuition fee of full-time education of children is eligible for deduction. Conditions for eligibility:
The tax deduction on tuition fee is available for two children only.
The development fee/capitation fee is not included under this section.
The education institute should be situated in India.
CAclubindia
