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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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