LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » Personal Finance News

Paying tuition fees for your child? You can claim this much tax benefit - Here’s how

The Income Tax department does allow reliefs to salaried individuals who are paying tuition fees for their children. 

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Paying tuition fees for your child? You can claim this much tax benefit - Here’s how
To ensure better future, parents are always ready to go extra mile for their children. Photo: Pixabay
Written By: ZeeBiz WebTeam
Updated: Wed, Jun 05, 2019
07:55 pm
Mumbai, ZeeBiz WebDesk
RELATED NEWS
Selling shares, mutual funds? Here's how you must report your LTCG in ITR filing Selling shares, mutual funds? Here's how you must report your LTCG in ITR filing
Income Tax Return (ITR) filing: Don't have login ID? This new PAN version can help you e-verify your ITR easily Income Tax Return (ITR) filing: Don't have login ID? This new PAN version can help you e-verify your ITR easily
Have GSTIN, ITR? You can apply for loan up to Rs 1 crore, get approval in minutes Have GSTIN, ITR? You can apply for loan up to Rs 1 crore, get approval in minutes
Income Tax Return (ITR) filing ALERT! Last date extended to August 31, 2019 in big relief for taxpayers! Income Tax Return (ITR) filing ALERT! Last date extended to August 31, 2019 in big relief for taxpayers!
Don't have your Form 16? Here's other alternative to file your Income Tax Return (ITR) Don't have your Form 16? Here's other alternative to file your Income Tax Return (ITR)

To ensure better future, parents are always ready to go extra mile for their children. They try to provide the best possible education to their children and even invest in extracurricular activities for their children. Right education help the kids to build a successful career. And, to support their children achieve their goals in lives, parents also send them for tuition apart from schools, colleges, universities or institutions. Tuition is always helpful for students as they get to improve on weak areas. However, the cost is borne by parents. But not to worry, the Income Tax department gives relief to salaried individuals who are paying tuition fees for their children. 

According to the department, under section 80C of Income Tax Act, deduction for payment of Tuition fees is available only to an Individual assesse and not to a HUF assesse. The deduction is available for any sum paid as tuition fee for full time education of his/her children. 

These deductions are available for sum paid as tuition fee for full time education of his/her children. However, the deductions can be claimed for maximum two children. These shall include even adopted and step children. Also, there is no defined age limit of children for claiming deduction of tuition fees.

Sadly, this section does not allow deduction for payment made for the education of himself/herself (Individual assessee) or spouse or  any member of the HUF. 

The section includes tuition fees made to any university, college, school or other educational institution situated within India. Also, payment made for the purpose of full-time education of any of the persons specified in sub-section (4).

Under section 80C, the deduction is available only to an Individual or a Hindu Undivided Family (HUF) and deduction does not exceed Rs 1,50,000 during a previous year. Hence, for tuition fees, maximum Rs 1.50 lakh tax benefit can be claimed. 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Income tax return (ITR) filingITR FilingIncome Tax ExemptionSection 80Ctax benefitstax claimsIncome Tax Departmentsalaried employees
RELATED NEWS
Selling shares, mutual funds? Here's how you must report your LTCG in ITR filing Selling shares, mutual funds? Here's how you must report your LTCG in ITR filing
Income Tax Return (ITR) filing: Don't have login ID? This new PAN version can help you e-verify your ITR easily Income Tax Return (ITR) filing: Don't have login ID? This new PAN version can help you e-verify your ITR easily
Have GSTIN, ITR? You can apply for loan up to Rs 1 crore, get approval in minutes Have GSTIN, ITR? You can apply for loan up to Rs 1 crore, get approval in minutes
Income Tax Return (ITR) filing ALERT! Last date extended to August 31, 2019 in big relief for taxpayers! Income Tax Return (ITR) filing ALERT! Last date extended to August 31, 2019 in big relief for taxpayers!
Don't have your Form 16? Here's other alternative to file your Income Tax Return (ITR) Don't have your Form 16? Here's other alternative to file your Income Tax Return (ITR)

LATEST NEWS

Heranba Share Price – After bumper listing, is the stock cheaper or expensive? See this EXCLUSIVE research

BJP candidates list for West Bengal, Assam assembly election to be announced today?

Karnataka SSLC Exam 2021: Board releases new date sheet; exams to start from 21 June; See subject-wise timetable HERE!

In chat with Anil Singhvi, analyst Vikas Sethi picks Kotak Bank, RIL as top buys for big returns

HPCL Recruitment 2021: 200 jobs on offer with pay up to Rs 15.17 LPA; check age limit, how to apply, qualifications, fee and other details

England batsmen are frankly not good enough in Indian conditions, says Strauss

Heranba IPO listing is a big success; now, experts unveil this money-making strategy - buy these stocks

Exclusive: JBM Auto focusing on manufacturing electric buses, ED Nishant Arya tells Anil Singhvi; scrappage policy to benefit company, he says

JK Lakshmi Cement: Sharekhan retains a Buy rating with revised price target of Rs 525

TMC Candidates List 2021 - Names of 291 candidates announced for West Bengal Elections; See Complete List Here

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved