What is maximum amount allowable towards Tution Fees u/s 80 C. Is It Rs.1,00,000?
19 Replies
SUNIL SINGH
(ACCOUNTANTS AND INCOMETAX WORKS)
(142 Points)
Replied 18 January 2010
yes tution fees amount only 1 lacs u/s 80 c of income tax act
FATEMA
(CHARTERED ACCOUNTANT)
(719 Points)
Replied 18 January 2010
Dear Vinod,
One can claim Rs. 100,000 as deduction u/s 80C and the aggreate u/s 80C, 80CCC and 80CCD cannot exceed Rs. 100,000.So you can claim tution fees upto Rs. 100,000 u/s 80C
PRAVEEN KUMAR
(MBA (Finance) B.Com.(P))
(3443 Points)
Replied 18 January 2010
Maximum Investment Rs. 1 Lac is allow to a Individual.
All of this can be Tution Fee itself.
so you can say Tution Fee Limit as far as 80C is concern is limited to Rs. 1 Lakh
CA Ayush Agarwal
(Kolkata-Pune-Mumbai)
(27186 Points)
Replied 18 January 2010
Agree With All Stated Above.................
But Mr. Praveen Kumar, Fatema,CA Pramod Jain
, Sunil Singh
Please Note Also That This Amount is Allowed For Only Two Childerns................
f
Mohit Jangid
(Article)
(141 Points)
Replied 18 January 2010
but only when amount is actually paid during the previous year and allowed to individual & huf
SUNIL SINGH
(ACCOUNTANTS AND INCOMETAX WORKS)
(142 Points)
Replied 18 January 2010
only INDIVIDUAL ASSESSEE MR. MOHIT
CA Sumit Arora
(CA)
(1411 Points)
Replied 18 January 2010
yes it is Rs. 1 Lac under section 80C of the Income Tax Act, 1961
ROHIT BANSAL
(STUDENT)
(79 Points)
Replied 18 January 2010
1.deductions under 80-c are payment based deductions........
2.deduction in respect of tution fee is allowed only for 2 childeren whether dependent or not......
3.and max.amount of deduction is allowed u/s 80-c with additon of section 80-ccc & 80-ccd is rS.1.00 LACS
4.so the assessee can claim deduction of max. rs.100000 in respect of tution fee
5.and the assessee must be an individual or an huf......
C.Balaji
(Learner)
(1867 Points)
Replied 18 January 2010
Mr.Vinod Nayak
Tution fees paid comes U/S 80C....u can claim maximum 100000 deduction under this...
Moreover payment should be made before 31st march every year out of taxable income....
It is available to Individuals and HUF...
Tution fees paid for education of the children to an institution in India (maximum 2 children) (full time education)
preeti modani
(learner)
(110 Points)
Replied 18 January 2010
total exemption U/s 80C,80CCC,80CCD amounts to Rs.1,00,000.so if no other deductions are claimed then assessee can claim tution fees upto Rs.1,00,000 as deduction and if payment is made to any university, college or school situated in India for the purpose of full time edu. of any 2 children of the assesse.However, deduction is not available for payments towards any development fees or donation etc.,
R!tu Ber!
(Chartered Accountant)
(405 Points)
Replied 18 January 2010
ya fatema is absolutely correct
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