Financial Daily from THE HINDU group of publications
Sunday, Dec 18, 2005
Financial Daily from THE HINDU group of publications Sunday, Dec 18, 2005 |
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Investment World
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Income Tax Columns - Tax Talk Managing MBA fees T. Banusekar
I AM a pensioner. My son is pursuing his MBA in a business school in India. He is now in his second year and the fees for the year will be Rs 80,000. He has so far paid all his fee out of borrowed funds. In the current year I propose to pay the fee out of my own income. If I do so, will the payment qualify for deduction under Section 80C? B. M. Bajaj Reply Section 80C allows a deduction in respect of tuition fees other than development fee, donation or any other payment of a similar nature if the same is paid at the time of admission or thereafter to a university, college, school or other educational institutions in India for the purpose of full time education of any two children of an individual. In your case if you satisfy the above conditions, you can claim the deduction. The fact that the tuition fee was paid in the earlier years out of borrowed funds will not make a difference in respect of your claim for deduction.
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