Osheen Bhattacharya (CA Final) (241 Points)
28 April 2010is there any change in the sec 10(14) regarding exempt amount for:
children education allowance: Rs 100 per month per child for max 2 children
hostel allowance:Rs 300 per month per child for max 2 children
for eg: allowance recd Children education allowance Rs. 500 p.m. for two children;Hostel expenses allowance Rs. 380 p.m. for two children.
how much is taxable?
Osheen Bhattacharya
(CA Final)
(241 Points)
Replied 28 April 2010
DT Fundas - Tarun rustagi
( Author)
(1150 Points)
Replied 29 April 2010
nothing is taxable for hostel allowance bcoz the amount divided between two children is rs.190 p.m which is exempt and in case of education allowance this will be taxable at rs.300p.m.(if the amount paid in aggregrate for both the children)
otherwise if the amount paid given as per the children then taxable amount in case of hostel allowance is rs.(80+80)pm and in case of education allowance is rs.(400+400)pm
CAclubindia
