I am doing a correspondence course from Indira Gandhi National Open University. It's a Masters Degree course. The fees for which is Rs 12500 per year which I have already paid. Can I deduct this amount from my taxable income according to current tax laws?
If not, then kindly explain which all expenses are applicable for deduction under "Tuition Fees"?
2006-12-10 19:07:27 · 7 answers · asked by girishjjain 2 in Business & Finance ➔ Taxes ➔ India
it was till the last asesment year uptill Rs.12000 p.a. u/s 80c on paid basis....
now this particular deduction namely tuition fees is withdrawn....
moreover the education loan too is deductible only to the extent of the repayment to the financial institute(not any other source)_for 7 consecutive yars when you start earning.....
2006-12-10 20:08:38 · answer #1 · answered by saurabh 2 · 0⤊ 0⤋
I've heard that you can. Also I believe student loan payments can be deducted too. Keep some receipts handy though in case the IRS agent questions you.
2006-12-11 03:17:27 · answer #2 · answered by Anonymous · 0⤊ 0⤋
According to the Income tax law the Tution fee is exempted. I just want to inform you that please look into your receipt that the tution fee is 12500/- are including any other charges. Because only tution fee is exempted.
2006-12-11 03:37:52 · answer #3 · answered by pappu 2 · 0⤊ 0⤋
Only "educational loan" is applicable for deductions.
2006-12-11 03:43:07 · answer #4 · answered by suneet 2 · 0⤊ 0⤋
Sorry to say dear you cant do so. If you take a student loan then only it can be done.
2006-12-11 03:48:42 · answer #5 · answered by Subhrangshu m 3 · 0⤊ 0⤋
yes. you can show it as your expense. you have to show the receipts that you have paid to the college.
2006-12-11 03:13:53 · answer #6 · answered by Anonymous · 0⤊ 0⤋
I think you can do that.
2006-12-11 03:25:29 · answer #7 · answered by archana3k1 4 · 0⤊ 0⤋