Tax Savings Tips: Now you will get tax exemption on education loan of children, Know the details here...
Income Tax Savings Tips: Like every year, this time also the last date for filing Income Tax Return, 31st July, is now near. When you deposit your income tax, you must have taken the help of savings in many ways to save on tax. Let us tell you that under Section 80-C and 80-E of the Income Tax Act, you can take advantage of Tax Savings on your children's education loan and their education. You should understand the terms and conditions of how you will get this discount.
Discount on the education of 2 children
Under Section 80C of the Income Tax Act, you can get tax exemption up to a maximum of Rs 1.5 lakh on the education of your 2 children. This exemption is available only on Full Time Education. In this also only the cost of Tuition Fees has been included.
The working couple will get the benefit
Under Section-80C of Income Tax, if a working couple has 3 children, then they can claim the fees of 2 and 1 child separately in their respective ITRs for tax exemption.
Education Loan Interest Rebate
Let us tell you that under section 80E of the Income Tax Act, any person filing ITR can take advantage of tax exemption on the interest of education loan for the education of children. However, there is no maximum tax exemption limit. If a couple has taken an education loan for the education of both children, then they can claim a rebate on the interest of both.
Last day till 31st July
Let us tell you that like every year, this time also the last date for filing ITR is 31st July 2022. So far 3 crore people have filled their Income Tax Return. If you have not filed your return yet, do it immediately within the next 2 days. Failure to do so may result in a fine of up to Rs 5000.