Tax exemption on Tution Fee regarding

Tax queries 814 views 2 replies

Srini Cherukupalli

Software Engineer

42 Points Posted on 27 January 2010

Dear Sir,

I have the below tax savings for assessment year 2010-11 apart from PF & Professonal tax deductions and my gross salalry is 5 lakhs / Annum.

1. Home loan Interest component- Rs. 1,25,000( after deducting Income from House property - Rs. 54,000, Flat 30% tax on Income from house property - Rs. 16,200 & property tax - Rs. 4,800) and my property is wholly let out.

2. The approved H.R.A exemption is Rs. 92,000 / Annum.

3. LIC Policy - Rs. 24,000

4. Repayment of Housing loan (Principal component) - Rs. 15,000

5. I paid tution fee Rs. 1,80,000 for my wife (dependent) for her Post graduate study and it includes donation Rs. 1,00,000 and all other expenses like books & hostel accomodation. My question is Am I eligible for tax exemption on this apart from above tax savings?

Please give your valuable suggesions to get maximum tax exemption on the same and also let me know if there are any limitations on the same. Thanks alot for your help.

Replies (2)

Guest

u can only claim 100000 INR as deduction under 80c

donation and other expenses mentioned do not come under purview of tution fees

Ashish M

Chartered Accountant

2731 Points Posted on 28 January 2010

Ur gross salary is Rs.5 lacs.

as per your savings, the following deductions are available to u.

- Interest component u/s 24 (b)

- HRA u/s 10(13A).

- Premium on LIC (if premium is less than 20% of sum assured) and Housing loan principal u/s 80C.

- As for tution expenses, the deduction u/s 80E is only respect of the interest on loan taken for the purposes of higher studies.!!!!!!!!!!!!!!!!!!!!!!!!!!