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Did you know you can claim tax deduction upto 1 lakh for the school fee paid for your kids!
Though it again falls under Section 80C which is as it is overutilized :(.
But incase you planning to move to any investement where tax saving not application, you could use education fee to cover your 80C
Read this article in ET so sharing with you all.
1) Deduction from taxable income under Section 80C is available to individual taxpayers up to a maximum amount of Rs1 lakh for education expenses incurred for one’s children.
2) Each parent can claim the deduction for the tuition fees paid for up to two children each, thereby covering a maximum of four children in a family.
3) This deduction is available to the parent who has made the payment, to the extent of the tuition fee actually paid or Rs1 lakh, whichever is lower.
4) The deduction can be claimed only for full-time courses including pre-nursery and playschool. Part-time, distance learning courses, private tuitions and coaching classes are not covered.
5) This deduction can be availed of on the basis of actual payment made, irrespective of the period to which the fee may pertain.
6) Only the tuition fee paid is eligible for deduction. Other expenses, such as transport charges, library charges, hostel charges, development fees or donation, are not covered.
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