Please Provide with Crystal clarity with regard to: Tuition fees, LIC & PF
watch_later 3 months, 1 week ago
(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?
- 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?
- 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for 7 years a stretch in PPF account amounting to 7 lakh and then coz of emergency in 8 th year say amount of RS 200000 withdrawn then in 8th year 2 lakh to be shown as income?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
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