Financial Daily from THE HINDU group of publications
Sunday, Jun 20, 2004
Financial Daily from THE HINDU group of publications Sunday, Jun 20, 2004 |
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Investment World
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Income Tax Columns - Tax Talk Kindergarten tax lessons T. Banusekar
R. Srinivasan Reply Tuition fee paid for your children's education will qualify for rebate under Section 88. Medical insurance premium will qualify for deduction under Section 80D only if the payment is made by cheque. If it is made by cash the deduction cannot be claimed. Under Section 88, tuition fees (excluding development fees, donations or other payments of similar nature) paid for full-time education of any two children of an individual will qualify for rebate. This payment of tuition fee should be to a university, college, school or other educational institutions situated within India. The amount that will qualify for rebate should not exceed Rs 12,000 per child. It can be seen that the tuition fee paid for full-time education will qualify for rebate. You are probably concerned about the allowability of rebate since the school timings in LKG and UKG will only be for limited hours. It is felt that this cannot be a reason to deny the rebate as the education, though for limited hours, would only have to be construed as full time and not part time education.
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