My elder son is studying IX standard. Hi school fees is divided into 5 components as shown below. Please mention which components can be considered for tax exemption under 80C. School fees: 1. Tution fees:5820/- 2. Term fees:9600/- 3. other fees:5450/- 4. Late fees: 0/- 5. Admission fees: 0/-
Apart from tution fees, can term fees also be considered for tax exemption?
Tuition fees and term fees should be allowed for deduction u/s 80C.
As term fee is not development fee or like donation in nature, it should also be allowed for deduction.
There is no exempt for tution fee or any education expense under 80C.
80C is for long term investments only like PPF, Provident Fund, LIC, 5year FD etc.
Check out at http://en.wikipedia.org/wiki/Income_tax_in_India#Section_80C_Deductions
