TUITION FEES PAID FOR CHILDREN INCOME TAX REBATE U/S 80C
70INCOME TAX REBATE ON CHILDREN EDUCATION
Dear friends,
There is an income tax rebate of 1 lakh rupees to the individual in 80 C section of the income tax rates. But it has some more aspects which we should know first for claiming this section 80 C for tuition fees for children.
1-The rebate on tuition fees which excludes any development fees or any donation.
2-It can be claimed at the time of admission or thereafter.
3-It can be claimed for any university, school or education institutes in INDIA.
4-It is only for full time education.
5-It can be claimed only for 2 children and not for 3 or onwards.
6-The assesses can not claim the benefit for expenditure done on himself. It's available only for children and only 2 children.
7-The benefit also can't claim for spouse too.
8-The benefit is not available for private tuition. It's only available for university, school or any educational institutes.
9-The education should be in INDIA and not in foreign although it can be affiliated to any foreign institute.
10-In this section tuition fees has a wide meaning than normal parlance, means here tuition fees means total fees paid minus any payment towards any development fees or donation or payment of similar nature. So an admission fee is also allowed.
11-Transport charges, Hostel charges, Mess charges, liberty fees etc. are not allowed (in my opinion)
12-Building fund or donation is not allowed.
Thanks
If there is something missing or error please let me know with the comments
NITIN
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