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Jul 29, 2024 · Maximum Limit: Rs 1.50 lakh every financial year. Please note that the aggregate deduction amount under Sections 80C, 80CCC and 80CCD is restricted to Rs 1,50,000 for a taxpayer. Maximum Age: No maximum age. Tuition fee meaning: Only payment made towards the full-time education of the child.
Jan 16, 2024 · Limit: The maximum permissible limit under Section 80C of the Income Tax Act 1961 is Rs.1.5 lakh with deductions eligible only for two children per assessee. If both parents are taxpayers, they can claim a tax deduction for up to 4 children. Otherwise, an individual assessee cannot claim for more than two children.
Jun 27, 2018 · B. Deduction Under Section 80E on Interest paid on Education loan. You can also get the benefit of direct deduction on the interest paid for a loan taken for the purpose of higher education. This is available under Section 80E of the I-T Act. This benefit can be claimed for a loan taken for education of yourself, your spouse, your children and ...
The parent who makes the payment gets the tax advantage. If both parents are working and pay taxes, both can claim tax benefit on the amount of fees paid by them respectively. So if the fee paid is Rs 2 lakh, of which the father has paid Rs 50,000, while the mother has paid Rs 1.5 lakh, both can claim the amount individually as per the payment made by them. Which parent gets the tax benefit?
Feb 17, 2017 · Sending kids to school has an inbuilt tax advantage for parents. This is because tuition fee qualifies for tax benefit under Section 80C of the Income-tax Act, 1961. The amount of tax benefit is within the overall limit of the section of Rs 1.5 lakh a year. For tax purposes, the fee reduces the total gross income which in turn reduces the tax ...
Jul 24, 2020 · Tax Benefit on Tuition Fees Under Section 80C. Tax benefit under section 80C refers to the tax benefits on tuition fees, and school fees. Here are some mentioned. A parent can claim a deduction on the amount paid as tuition fees to a university, college, school or any other educational institution. The highest exemption amount against tuition ...
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Jan 7, 2020 · Summary of Above Provisions. 1) Deduction from taxable income under Section 80C is available to individual taxpayers up to a maximum amount of Rs1.5 lakh for education expenses incurred for one’s children. 2) Each parent can claim the deduction for the tuition fees paid for up to two children each, thereby covering a maximum of four children ...
