I am having annual salary income of around Rs 20 lakhs. I have to pay the fees for my daughter's MBBS course to the tune of Rs 6.50 lakhs annually. Can I get the full tuition fees paid as deduction from my income while filing my income tax return?
If yes, under which provision of the income tax law?
Ans: You can claim tuition fee deduction under Section 80C to a maximum limit of Rs 1.5 lakhs. This deduction is together with other deductions like insurance, provident fund, etc, under Section 80C. There is no other provision to claim more than Rs 1.5 lakhs under any section for this expense.
You can however choose to take an educational loan and get a deduction on the interest paid on the educational loan.