If Assessee have more then two children then he can claim tuition fees paid of only two children’s. The Deduction is available for any two children. Here we would like to mention that husband and wife both have a separate limit of two children each, so they can claim deduction for 2 children each.
What are the rules for the tuition and Fees deduction?
Qualifying Rules for the Deduction This deduction is available to taxpayers who paid tuition and other required fees for attending college or another post-secondary school. Parents can deduct tuition for their child as long as the student was their dependent. 5 People can also claim this deduction for their own education expenses.
Is the tuition fee deduction available to HUF?
Deduction for tuition fees u/s. 80C of the Income Tax Act 1961 is available to Individual Assessee and is not available to HUF. Deduction under this section is available for tuition fees paid on two children’s education. If Assessee have more then two children then he can claim tuition fees paid of only two children’s.
Is the tuition and Fees deduction renewed for 2017?
This time the tuition and fees deduction was saved, at least for one more year. 11 The BBA retroactively renewed it for the 2017 tax year, so it didn’t die at the end of 2016 after all. It hasn’t yet been renewed for the 2018 or 2019 tax years.
Can a tuition fee be deducted under Section 80C?
Q.8 Section 80C allows deduction in respect of tuition fee but excludes payments towards development fees, donations or payments of similar nature.
Is there a deduction for tuition fees of spouse?
Deduction is not available for tuition fees paid for studies of spouse. Deduction for tuition Fees is available up to Rs. 150000. Please Note that aggregate amount of deduction under section 80C , 80CCC and 80CCD shall not exceed Rs. 1,50,000/-. Deduction under this section is available on payment basis. Fees may be related to any period.
Can You claim tuition fee as deduction under i t act?
Answer: Payment of tuition fee up to Rs 1 lakh (Rs. 1.50 Lakh from A.Y. 2015-16) can be claimed as deduction u/s 80C of the I T Act. But the payment of tuition fee for full time course must be for for any two children of individual. It follows therefore one can not claim deduction for payment of tuition fee for his/her spouse.
