HomeBusinessYou can also take advantage of tax exemption on children's tuition fees,...

You can also take advantage of tax exemption on children’s tuition fees, education loan, know the rules

tuition fees at relief

  • 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.
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  • 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.

Education Loan

  • You can claim tax deduction under section 80E on education loan taken for children.

health insurance

  • Deduction of up to Rs.25 thousand can be taken under section 80D on payment of health insurance premium for your children.

term insurance

  • 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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