ट्यूशन फीस पर राहत
- Tuition fee of school/college for two children can be availed tax benefit up to Rs.1.5 lakh under section 80C.
- If you have more than two children, you can avail any two children
- However, with the condition that this claim can be made only when fees are paid to a university, college, school or other educational institution located in India.
- Keep in mind that tax relief is available only for full time education.
- Tax relief does not cover private tuitions, coaching classes or any part time courses.
- You can claim tax deduction under section 80E on education loan taken for children.
- Deduction of up to Rs.25 thousand can be taken under section 80D on payment of health insurance premium for your children.
- Payment of premium for a term life insurance plan offers the benefit of tax exemption under section 80C of the Income Tax Act.
- No need to take a new plan every year. Annual renewal premium in a policy can also be eligible for tax exemption under section 80C.
Tax exemption can also be taken on the cost of treatment
- Under section 80DDB, income tax is deductible on the amount spent for the treatment of critical and prolonged illness of any of his dependents.
- The income tax payer is eligible for his parents, children, dependent siblings and Can claim for deduction of amount spent in the treatment of wife.
- For child, this deduction is Rs.40 thousand. Medical certificate is necessary for this.
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