Please Provide with Crystal clarity with regard to: Tuition fees, LIC & PF



Akash Jain
watch_later 3 months, 1 week ago

Respected Sir,

(Q.1) Tuition Fees

  1. 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
  2. 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?
  3. 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

  1. LIC deduction on actual payment  means the same as referred above?
  2. 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.
  3. 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

  1. 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for 7 years a stretch in PPF account amounting to 7 lakh and then coz of emergency in 8 th year say amount of RS 200000 withdrawn then in 8th year 2 lakh to be shown as income?
  2. 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


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1 Answer

Ali Ahmed Khan watch_later 3 months, 1 week ago
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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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