Dear friends,
My wife and I have separate incomes from our respective consulting and coaching professions. However, mine is structured as a sole proprietorship. Hers is not.
I am told that we can claim our children's school fees paid over the last year under 80C - upto the limit of 1 lakh.
Where I could you use guidance is on whose ITR -4 should we put this 80C entry? We obviously cant put on on both our individual ITR-4s? So is it better to put it on on mine (a sole proprietrship), or hers? Or if it does not matter, then I can put on the one with the best tax benefits.
Your guidance will be invaluable here. Thank you!
CAclubindia
