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Friday, April 05, 2013

Tuition fees as a deduction under section 80C

Tuition fees as a deduction under section 80C
The section 80c provides deduction from the taxable income for the tuition fees paid for his/her children .The upper limit for the deduction under this section is Rs 1 lakh. Parents are allowed to claim the deduction for their children’s tuition fees. This deduction is strictly available only on the tuition fees paid and not the exam fee, sports fee, lab fee, admission fee or the hostel fee. A parent is individually allowed to claim deduction for two children , thus both the parents can together claim deduction for four children. The deduction claim is permissible for only full time courses and not part time, coaching classes, distance learning or private tuitions. This however includes tuition fees for playschools and pre-nursery. The deduction is available on the amount paid by the individual and the period for which the payment is made is not to be considered.