Investing for your children's future not only secures their financial well-being but also provides tax benefits. Here's how you can save taxes by making investments in your children's name:
Allowance ₹ 100 per month per child or ₹ 1200 per year per child allowed maximum 2 children Totally ₹ 2400 per year for 2 children under section 10(14)
Hostel allowance ₹ 300 per month per child, Totally ₹ 7200 per year for 2 children under section 10(14)
Maximum 1.5 Lac for each parent under section 80C Tuition fee means "one of the head under School/College/University Fees Receipt" - For full time course only & not for part-time.
No benefit given for Private Tuition & No benefit given for foreign study.
Maximum Deduction: Subject to actual tuition fees paid.
For self employed - all these 1, 2 & 3 to be claimed under VI-A
for all above cases, Salaried employees need to fill in declaration Form at their Company/Organisation at the beginning of the financial Year & need to submit the proper receipts as proof, when asked for it.
Investing in your children's future not only helps in their Education but also provides tax savings opportunities. By making strategic investments in schemes like SSY, PPF, ELSS, and education expenses, you can maximize tax benefits while securing your child's future.