Respected Sir,
(Q.1) Tuition Fees
- A child attended school for F.Y 15-16 fees paid by his father in May 2016 then actual payment basis for this section means will this payment with respect to F.y 15-16 will be eligible only in F.Y 16-17 return or we can claim while filling F.Y 15-16 return ?? Does this Tuition fee deduction means payment of F.Y within F.Y
- Tution fees paid by bank as education loan was taken then can assessee claim both 80 C & 80 E or will it mean 80 C not allowed as payment is made by bank?
- IS TUITION FEE ALLOWED FOR HUF TOO I FIND ALL AUTHORS HAVING DIFFERENT VIEWS SOME SAYS YES SOME SAYS NO PLEASE LET ME KNOW YOUR VIEW?
(Q.2) LIC
- LIC deduction on actual payment means the same as referred above?
- LIC premium was earlier paid & claimed by a person for F.Y 16-17 for wife and children in Individual Pan.Now from 17-18 onward he has opened HUF so if payment for the earlier policy if paid from HUF then HUF will be eligible.
- For F.Y 15-16 & 16-17 Lic premium was not paid and then paid together Rs 50000 on 31.3.17 the Entire 50000 allowed in that year or only 25000 that is only of 16-17?
(Q.3) PPF
- PPF lock in period is 15 years if deposit were made for 7 years a stretch in PPF account amounting to 7 lakh and then coz of emergency in 8 th year say amount of RS 200000 withdrawn then in 8th year 2 lakh to be shown as income?
- And same doubt is PPF allowed for HUF too.
__________
Else please refer me the deduction allowed only to individual and not to HUF.
THANKS A LOT ADVANCE
Ref Q No (1) (A):- Tuition fees paid during & within FY 15-16 shall be eligible for deduction u/s 80c for FY 15-16 only.
Ref Q No (1) (B):- Tuition fees paid by own or bank is eligible for deduction u/s 80C, However Interest paid on education loan shall be eligible for deduction u/s 80E.
Ref Q No (1) (C): Sec 80C covers Individual & HUF hence it shall be cover individual & HUF
Ref Q no 2 on LIC : As 80C specifically states premium on lIC PAID is Deductible, Hence Payment made during fy against LIC premium is eligible of deduction u/s 80C whether due or not. It means if previous year due LIC premium paid in next fin year is eligible for complete deduction. subject to 1.5 lac limit
Certainly! Here's a clear explanation of each. Tuition fees depend on the course and institution; some may include study materials, while others charge separately. LIC typically refers to Life Insurance Corporation policies, which may be required for education loans or visa purposes, but are not directly tied to tuition. PF (Provident Fund) is generally applicable to salaried employees and not something students usually need to manage unless they’re employed. If you're preparing to study abroad, it’s also a great idea to take an IELTS speaking mock test. It helps build fluency and confidence, especially useful for visa interviews and university communication readiness.
Okay, let's tackle this tax query hodgepodge! Education expenses can be tricky, right? Regarding that tuition fee question, fiscal year gymnastics seem to be in play. Is it 15-16 or 16-17? My head hurts! Similarly, HUF eligibility for tuition deductions is a real head-scratcher. The LIC premium query adds another layer of complexity. Thinking about deductions always make me remember when my friend tried to claim his cat's vet bills as a dependent... a bit like those tricky moves in Slither io, didn't quite work!
It reminds me of that time I accidentally filed late and then had to deal with penalties. What a nightmare! I felt like I was stuck in a never-ending level of moto x3m trying to avoid all the obstacles. Filing taxes is so stressfull!
Okay, so tax season, a delightful headache! Can I double-dip on deductions like some fiscal contortionist? Tuition fees, paid via loan... oh, the tangled web we weave. And what about the family pot, the HUF – can it get in on this tuition action too? LIC premiums paid long ago are also in my head now. I remember once, years ago, wrestling with student loan interest and figuring out the best deduction path. It was a real mental Slope climbing situation to untangle all those rules.
These tax questions are tricky! It really depends on the specifics of the financial year and payment dates. Regarding tuition fees, it sounds like you're trying to navigate some complex scenarios. Sometimes, understanding these financial intricacies feels like trying to simulate a black hole event – a real Solar Smash of your brain! I'd strongly advise consulting with a qualified tax advisor. They can give you personalized advice based on your exact circumstances. Good luck!
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