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StaffCorner

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01 Feb, 2013 09:25 PM

Get up to Rs 1 lakh tax deduction for children's tuition fees

Get up to Rs 1 lakh tax deduction for children's tuition fees You can claim a deduction of up to Rs 1 lakh as per the section for tuition fees (school fees) you paid for education of children.

This deduction is only for an individual assessee and it’s not available for HUF.

You can claim this deduction under this section for fees paid for education only for two children. If you have more than two children, then you can choose any two children. If your spouse is also a tax payer, she can choose the other two children. Its only the children's tuition that is eligible for deduction. If you or your spouse is studying and paying tuition fees, it does not qualify for deduction.

The tax deduction is only for the full time courses, at any college, school, university or educational institution within India . So, you can’t claim this deduction for any kind of private tuition fees you pay for your child’s education or studies abroad. Also keep in mind, it’s applicable for tuition fees. It does not apply hostel, mess, laboratory and transport fees. The full time course here includes pre-nursery or play school, and with cost of education for toddlers risking high each day, this is a best thing about this deduction.

With cost of education rising each day, there is a good possibility that you qualify for this deduction. So, many be it’s time to look for those school fee receipts, you’ve paid.



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