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6/9/21

You can also avail tax exemption on expenses incurred on treatment of children and tuition fees, find out here what is the rule

To your advantage:  You can also avail tax exemption on expenses incurred on treatment of children and tuition fees, find out here what is the rule








The process of paying income tax for 2020-21 has started. In this case, if you are also thinking of filing an income tax return, you should have a thorough and proper knowledge of what expenses or investments you can avail of the tax exemption. You can also claim a tax deduction on your children's tuition fees or other expenses incurred, including the cost of their treatment.

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Today we are telling you about such expenses incurred on children, on which you can get a discount ...

Relief on tuition fees
for two children You can also avail tax benefit of up to Rs 1.5 lakh under section 80C on school / college tuition fees for two children. If you have more than two children, you can claim this for any two children. The condition for this is that the fee should be paid to the university, college, school or other educational institution in India. Tax relief is only available for full time education. Tax relief does not cover private tuition, coaching classes or any part-time course.

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You can avail tax deduction under section 80E on education loan. You can claim tax deduction under section 80E for education loan taken for your children. Education loan can be taken from the bank for the expenses of higher education of children.





Tax Exemption on Treatment Expenses
Under Section 80DDB you get tax exemption on the amount spent on treatment of a dependent's serious and chronic illness. A taxpayer can claim a deduction for the amount spent on the treatment of his parents, children, dependent siblings and wife. These include diseases such as cancer, hemophilia, thalassemia, and AIDS. For children this reduction is 40 thousand rupees. He needs to have a medical certificate.




You can take advantage of discounts on health insurance premium payments. You can also save tax by paying health insurance premiums for your children. A deduction of up to Rs 25,000 can be taken under section 80D. Apart from that you can avail tax exemption under Section 80C of the Income Tax Act on the amount of premium paid for the Term Life Insurance Plan. You can avail tax benefit up to Rs 1.5 lakh under 80C.

The return for the financial year 2020-21 has to be filed by
September 30. The income tax return for the financial year 2020-21 has to be filed by September 30. You will not have to pay any additional charges for filing income tax till this date.

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